There's a reason why the tag hasn't been removed, so yeah there is a point in playing as a female protag. Both male and female MC get their own stories.
Last time I played, there was little to no content as female protag (except the daily grind for stats), but I guess it has been a while. Anyway, thank you very much for the confirmation, I'm going to give it another go.
Thing about tags is (assuming they are applied correctly, which "female protagonist" is here): it only tells you that something is happening, not whether it's happening all the time or just once, whether it is a focal point of the game or just an optional side aspect you only get when rejecting everything else, and so on.
So yes, there is the possibility to play a female protagonist, and the content is slowly expanding for it, but for me it wouldn't be enough and it is way, way, waaaay less than the male content. Personally, if you're interested in the female protagonist content only, I'd advise to wait some more. But in the end of course it differs depending on what you expect.