It means that trying to assign any kind of "male privilege" to ANY category of trans people will never truly be fruitful, because the concept of "male privilege" was created by cisgender women to discuss cisgender men under cisgender gender dynamics without the experiences of transgender people in mind.
I think we can all agree that transgender women, transgender men, and nonbinary people are NOT cisgender men.
Even when we are discussing trans people who are externally perceived as / assumed to be cisgender men within society because they are stealth, closeted, or non-cis passing — those trans people are experiencing something conditional that can be stripped from them the moment anyone in a position to harm them finds out they are trans.
I think we can all agree that being misgendered and/or having to hide a part of yourself so you do not get hate crimed and/or lose employment or benefits or housing, etc. is NOT an exercising of privilege.
Even when we are discussing misogyny, an important and longstanding part of feminist discussion on misogyny is the fact that everyone is capable of being misogynistic. Misogyny is not stored in the assigned sex or gender identity. We all live in a patriarchal society, NO ONE is immune from internalizing misogynistic, patriarchal worldviews and acting upon them.
I think we can all agree that there is no transgender person who is incapable of being misogynistic, because there is no person in general who is incapable of being misogynistic.
To act as though privilege and bigotry are stored in a sex assignment or gender identity is to be gender/sex essentialist.
To try to apply that essentialism through a feminist lense IS radical feminist and there IS better feminism than that out there.