I voted fantasy realism, but I do not consider the example picture to have anything to do with reality. (Unless we're talking about a different kind of dungeon).
Armor should look appropriate to the culture, environment, materials available, and technology, first and foremost. If the armor doesn't pass that test, then it doesn't matter whether it is being worn by a man or a woman.
In other words, a male knight in full battle dress, wading through the desert sands, is just about as silly as a female fighter, in a chainmail bikini, forging through the frozen wastes of the Iceland Dale.
PS: Full plate in the desert? Guess what the crusaders wore?
I imagine the crusaders rode around on horses while wearing light clothing, and when they got near to some place where armor was useful they would get dressed in it.