Nobody's threatened by it. Many people do find it a sexist and demeaning caricature of women, that's a long way from Widow Twanky.
I don't know why some women like Ru Paul's drag race. I would guess that they've had centuries of socialisation into not questioning how women are depicted and seeing it as harmless fun, which is exactly what they used to say about blackface. I don't get why some women opposed the vote or support prostitution either. Just because some women support it doesn't automatically mean it's acceptable. Some women support all kinds of stuff that are harmful to both themselves and other women.
You probably need to ask why that is, and what it says about how the world treats women, before saying 'It must be ok 'cos some women like it'.
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