Both. Hormones had a huge effect on my sex drive, as well as a pretty noticeable effect on orgasms. My female anatomy has remained the same, of course, but since I'm unfortunately forced to yoyo from testosterone from estrogen due to a lack of stable prescribing physicians, it's been easy to see the differences.
On testosterone, seeing as my sex drive is much higher, any physical contact with the genital region feels pretty incredible. It'll usually take me around 10-20 minutes to orgasm if I'm trying, and the feeling is very intense, but once it's over, everything hurts down there and all idea of sex is gone... in fact, the thought of it post-orgasm is about enough to make me want to never have sex again. This usually lasts between one and two hours.
Without testosterone, I have little to no sex drive unless I'm intoxicated. When I do feel like doing anything with those organs, the buildup feels decent but not necessarily good, though orgasms seem only slightly less intense, and there is no pain afterward. I can have 3 orgasms in a row without any problem except fatigue; problem is, it takes, on average, 45 minutes to an hour to get to that first one. Obviously, that makes it impossible to orgasm during intercourse. Oh, and while there is a great feeling of relief after orgasm on T, without it there is no such thing.
Hope that's helpful...
SD