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for women, it's there to give people who have been disadvantaged by biological sex and assigned gender a helping hand?
It would have nothing to do with their biological sex. Unless your scholarship entry requirements were based on a physical. It would be for anyone who identified as a woman, regardless of biology.
people who have had the privilege of being brought up male in male bodies
This description of transwomen says more about your attitude to transgender people than I think you realise.
The more you write the more you are almost verbatim describing transphobia.
You still haven't said what rights are taken away from cis-women by protecting transwomen.
Which rights are you referring to?