Troy is not being played as a caricature of a woman. The mannerisms are all gay stereotypes, not female stereotypes. He hisses as much as Roger DeBris in The Producers, for Pete's sake.
What I meant by caricature was that it was a pantomime/drag performance. Everything is camp, over the top, and melodramatic. At no time is the audience ever going to be convinced that this is a woman, and I believe that is the joke that the filmmakers were going for. I do think it would have been funnier if the character had worn a wig like Troi, but I think it's safe to say this film probably didn't have much of a costuming budget... lol...