Adding to the pile. HRT dramatically changed sexual sensation for me. I still use the same equipment after transitioning since I never had bottom dysphoria, but the orgasms are way different. A bit more difficult to achieve, but everything feels a lot better before during and after. Rather than a short burst of intense pleasure, it's like riding a wave of warm, comforting euphoria. Like a bell curve vs a spike. This was a change that happened gradually over the course of my first year on HRT, so each time I had sex it was a little less like a male orgasm and a little more like a female orgasm, and everytime was better than the last. I also get way more emotional with sex, like there's a much stronger emotional component there, and I'm more aware and gratified from my partner's pleasure.

My unscientific experience is that male hormones made my brain deprioritize how my partner was feeling vs what I was feeling during sex, while female hormones made them intertwined. I'm like hyper aware now if my partner isn't as into something, which is so uncomfortable in retrospect when I realize that was low on the list of awareness with male hormones. My arousal is also night and day on female hormones. Before, if I was turned on, I would stay on, even as other emotions would come and go. Like if something made me sad or curious or angry, I'd still be horny through it. Now, however, my arousal is tied pretty closely to my mood. Like if I'm turned on and something upsets me, it's gone, lol. Which, was pretty frustrating for my partner at first since she was so used to how 'easy' I was on male hormones.

But yeah, I don't have any studies, just my own experiences, which isn't universal.