Conspiracy theorists have absolutely nothing better to do with their time than cut people down, preferably people who can't defend themselves, ideally dead public figures whose acts in life could be regarded as controversial, whether the outcome was positive or not.

IF Elizabeth I had been in any way, shape, make, manner or form identifiable as "male", whatever "his" preferences in dress or manner, "he" would have been enthusiastically courted for no other reason than for being the reigning King of England. The best single arguement for Elizabeth being in fact, evidence, appearance and demeanor, FEMALE, is the simple fact she obviously felt any attempt to marry would risk relinquishing control of the nation to a foreign power.

Logic is not the ultimate guarantor of accuracy, but the lack pretty much precludes it.