Well, I can’t directly answer yes/no. I think that refusal should lead to more restrictions on your freedom. I don’t mean this as a punishment, but more so as a protection measure, of others.
You need to understand that you are currently unsafe as-is, and try to work on fixing that.

Searching about the specific drug (for risk assessment), hard to tell for me. I am not a medical doctor. I don’t even know the dosage and length of treatment (in case it’s not long-term).
It does seem like one of the riskier drugs, but do they outweigh the other risks?
It also seems to be commonly used by MtF trans people (it’s a T blocker, so it makes sense). If the risks are worth it in those cases, I’d wager it’s worth in yours too.

And from Wikipedia:

In addition, it has been found to decrease the rate of reoffending in sex offenders from 85% to 6%, with most of the reoffenses being committed by individuals who did not follow their CPA treatment prescription.

Sounds effective.

I encourage you to go ahead with it. If that attraction/desire is so strong that you cannot control it yourself, this will most likely help you feel better too. At least that sounds logical.
Plus you should obviously get some psychological help too, not just meds. You can’t really loose anything by going to therapies, except for a few minutes of time.

Unfortunately, you can’t fix the past, but you can work on the future. You won’t seem weak by trying to get help, quite the contrary. Don’t bullshit others and yourself with excuses. So please, do go ahead with the treatment. It’s not just for others, it’s not just for you, but for both.

Also, maybe it would help if you read or listened to some stories of survivors, and try to imagine yourself on the victim side instead, to build some empathy. You didn’t steal someone’s wallet, sexual abuse creates lifelong trauma.

Again, I am not MD, psychologist or even some good writer, but it sounds like a good choice from the options you currently have.