We're kind of an odd case, maybe? We aren't sure but we didn't really enjoy sex or masturbation before HRT either, partially due to demisexuality, partially due to expectations and gender roles, partially because we didn't really know what we liked and to some degree we still don't. We also either never had orgasms or considered them pretty bad: "this is it?!"
We are less and less interested in 'content': porn, erotica etc (though whether we ever really were interested or not is debatable). Our fantasies have shifted though whether this is because we're interested in softer things now or what we've always wanted and only now admitted it to ourselves, we aren't sure.
We cried from being unable to do anything about it the other week and how much connection we need before we could even consider doing something so intimate with someone else, so there's probably also some emotional effects from hormones going on.
We also get anxiety and dysphoria from wanting things but not being able to get them met and from having the genitals we have, but they were probably both there to some degree before HRT too, might be stronger now, we don't know.
However, if you just mean the physical effects well, we don't ejaculate any more (at least not when doing things to ourselves, or perhaps from physical touch alone), we get hot sometimes when we 'finish' though 'finishing' is hard to reach most of the time. We didn't really experience random erections much before HRT and definitely don't now, so yeah. We don't really know what an orgasm would be like or if we'll ever get there but we might one day, if not well, either we'll have to shift what we want or just somehow be okay with never having them again or accept they were and always will be shit.
Anything else you'd like to know?
No, it's not just that, please see our reply to dandelion in this thread. But as a more direct answer to your question, we don't think we can orgasm from physical sensations alone or might not have ever or be able to, that or they might always be shit.