I feel like this about sums it up:
To be clear, Frank (the White Lotus character in question) never describes himself as trans. If he were a real person (rather than a fictitious character), he’d likely be one of the 33-ish percent of cisgender men who experience female/feminine embodiment fantasies (FEFs). And while it’s true that some trans women report having FEFs (just as many cisgender women do), I have never once in my entire life heard of a trans woman who fantasized about having sex with someone who resembled her “male self.” Nor have I ever met a trans woman who strived to become another race or ethnicity—we transition to be ourselves, not to become someone else.
It is ludicrous that I even need to say this, but The White Lotus isn’t a reality show or documentary. It’s a satire that is routinely described as “scandalous.” I highly doubt the show writers were trying to do an “exposé of AGP,” as many GC/TERFs seem to believe. It’s far more likely that the writers were simply concocting an intentionally over-the-top storyline (sex tourism! sex addiction! embodiment fantasies! oh my!) to make the scene as salacious as possible.