The wikipedia article for "womxn" actually has a great breakdown of the term. I'm personally of the opinion that it is at best unnecessary because implying that "woman" is sexist because it contains "man" is outrageous and if you were really concerned about "inclusivity", then "woman" should apply to trans women too (because they are also women full-stop and refusing to acknowledge that is misgendering) and you'd use another term altogether to refer to non-binary people because they generally want to be viewed as separate from the gender binary.