No, calling her a man would be misgendering her. Male is simply a term that relates to biological reality (we use it for all animal species, not just humans). I actually think a large part of the problem with this discussion is that many people aren't clear on the difference between these terms.
But yeah, as I said, I think she should compete against female athletes. I just think that the realities of her body should be recognised. I think the same about trans women.