Lung capacity? Yes.

Endurance sports? Not quite…

There’s various physiological reasons for this, but essentially, the sports where men and women are closest in performance (not counting “instrument”- or tool-based sports, or obviously equine “sports”) are ultra endurance events: ultra-marathons, open-water swimming, long-distance multi sports, et al.

Women almost universally beat men in Channel swimming times, for instance.

Also ski jumping, but for very different reasons.

This, if you extended the cycling race to something massive (hypothetically, say, 250k), and threw in enough steep hills (again, reasons), and trained both appropriately, the women would likely win. Obviously doesn’t apply in this case, though…

So you are on the right track, however, it doesn’t quite work that way, for ultra-endurance events, at least…