I am perhaps missing something, but the drop panels in Jaimes’s Nancy comics are the title bars, no? The point of the drop panel is to make the comic runnable in a standard 3×2 grid, which this is if you cut the oversized title.
Speaking as a trans woman, there is no reason why one’s surgical status would affect one’s choice of pen names, and it’s both ignorant and pretty gross to suggest otherwise.
The conventional wisdom on why she’s using a pseudonym is that the webcomics work got her the job was sufficiently adult-oriented that the syndicate does not want Nancy published under the same name.
The funniest part of this by far is Olivia casually showing off her actual artistic range in the background.