I find this to be a really mixed bag, at this moment I am having far more sexual thoughts and desires than I think I have in my entire life and I would expect it to be the opposite as I am post op but not back on estradiol yet, and there is no way just testosterone from my adrenal glands is on par with the testosterone I had pre-hrt.
I also noticed increases in my libido when my estrogen doses were increased though with large amounts of antiandrogens I didn't get erections unless I tried but, it was definitely more invasive to have such a libido.
So it may well curb sexual desire, but in my expierence it can also increase them.