It's also just SO insulting towards trans poc. It's not emasculation to be seen as a dangerous masculine predator. Something that many groups of people of colour face is hypermasculinization! Black people, regardless of gender, are understood as being more masculine, stronger, angrier, and more dangerous than white people. This masculinization is inseparable from general anti-black racism.
Black cis men, for example, are seen as being especially masculine. You can see this in how Black men are hypersexualised - the whole idea that Black men have large penises, that Black men are dangerous rapists, look at how interracial porn with Black men is characterized- it's "this big Black dick is gonna dominate you cause I'm a real man", especially with gay porn. Black men are seen as hypersexual and violent BECAUSE of the characterization of having dangerous masculinity (rather than, eg, protective masculinity).
Black women are also seen as especially masculine. Black women are degendered and seen as more masculine than white woman are. Black women are seen as angry, violent, and dangerous, and that the cause of that is the lack of appropriate femininity and the proximity of masculinity. Black women are also seen to have a dangerous promiscuous sexuality that is degendering because it's not the appropriate sexuality associated with desirable white womanhood. Black women are seen as ugly for masculine (and animalistic) traits as well - big noses (characterized as masculine in comparison to the desirable button noses of white ideals), strong jawlines, being hairy, etc are all tied to masculinity in a way that devalues Black women as women AND as people.
I am the most familiar with this with regard to anti-Blackness, but the overall phenomenon of men being hypermasculine, hypersexual, and dangerous, and women as being masculine through a lack of femininity, ugly in comparison to white beauty standards, and angry through proximity to masculinity, is a phenomenon that many racialised groups experience, especially Black people, Indigenous people, Mestizo people, South Asians, and many other groups.
So how do gender non-conforming people in these groups fair, whether they're trans, intersex, queer, or generally GNC?
We are seen as whatever is the most dangerous or worst in the moment. We are seen as simultaneously the sluts looking to lead white men astray, and the monsters following white women in the dark. We are seen as especially dangerous because our gender non-conformity marks us as people outside of the normal gendered social order. We are degenerates causing the downfall of society, monsters hurting (precious, valuable, and especially WHITE) women and children, freaks of nature abusing science to get what we want.
The idea that trans fems, trans mascs, and trans neutrals face entirely different forms of transphobia is incorrect.
And the idea that anti-transmasc sentiment is due to EMASCULATION is fucking insulting, and absolutely fucking racist.