Yes. You let her go first. Especially if she only has a few items, or if she has a bunch of kids with her. Once you are in queue, you can hold position, but even then you should consider giving up your place.
On the metro, I won’t sit if there is a woman elderly man standing. Annoys my wife sometimes, but thats what it means to be a gentleman.
Elderly and disabled are exceptions with which I agree. But I’m not moving for an able bodied woman, especially one younger than me. It has nothing to do with “gentlemanliness.”