“People who menstruate” includes cis women, trans men and nonbinary people who menstruate.
It also correctly excludes post-menopausal people, and trans women, neither of whom menstruate.
It’s only used in the context of people menstruating, not as a general term to designate all women (same applies to “pregnant people”).
And the phrase “all women” includes trans women, who do not menstruate.
I’m nonbinary and have menstruated (not any more as I’m post-menopausal), so I’m included by the term “post-menopausal people” and excluded by “women”.
It was uncomfortable for me to write this post because I am from a generation that was brought up not to talk about menstruation in front of (cisgender) men.
But I did it because using inclusive terminology helps trans men and nonbinary people to get gynaecological care when they need it.