No, that's terrible. But it doesn't mean that the show can't make a light hearted jokes of the people. Also, what you described can also be attached to a certain individual in the white house...But I digress, the point I'm trying to make is that South Park takes digs at everyone. To be honest, I heard worse from the show(also some that pertain to me) and I don't find them offensive at all. I feel people just need to take a step back and realize it's a cartoon meant to be offensive, and nothing more. It might be bad/unoriginal humor, but people find it funny for that exact reason.
The President of the United States has been a celebrity for decades, has campaigned on particular platforms, and has various actions, inactions, and statements in office. It is absolutely bizarre to frame hatred of him as hatred for existing, rather than of his long and public history - something the average trans person does not have.
Speak honestly now. Do you think that if Donald Trump had not made the "grab them by the pussy" statement, had not platformed on xenophobia, had not been pointedly quiet when asked about his support by white supremacists, had not described Neo-Nazis as "very fine people", had not demonized people who oppose Neo-Nazis, that he would receive the exact same amount of hatred that he does now? That's a difference between the hatred Trump receives and the hatred trans people receive, which you are trying to equate.