Yes.
Br J Dermatol. 2005 Sep;153(3):626-34.
"The results of this study demonstrate that topical (...) progesterone acts primarily in increasing elasticity and firmness in the skin of peri- and postmenopausal women. These effects in combination with good tolerability make progesterone a possible treatment agent for slowing down the ageing process of female skin after onset of the menopause."
Maturitas. 2001 Jul 25;39(1):43-55.
"Twenty-four patients (45-68 years; mean age, 54.9 years) without hormone treatment for at least 6 months were included. Patients were assigned to three therapy groups: 1, oestrogen only (...) (n=6); 2, transdermal oestrogen and progesterone (...) (n=7); and 3, oral oestrogen and progesterone"
Progesterone was administered intravaginally.
"Mean levels of epidermal skin moisture, elasticity and skin thickness were improved at the end of treatment based on both subjective and objective evaluation in patients with hormone replacement therapy (HRT). Skin surface lipids were increased during combined HRT, which may reflect stimulatory effects of the progestagen component on sebaceous gland activity, while oestrogen alone has a sebum-suppressive action."
"HRT with the mentioned regimes significantly improved parameters of skin ageing."
To be fair, some studies have also found no effect of P on sebum production while some studies even showed a temporary decrease. Results will depend on dose, the sex of the individual, hormonal environment, etc. I suspect that with E, P will have a slight sebum-stimulating action, preventing skin from getting too dry. This is my experience and that of some other transwomen. I also find my skin has improved in appearance and texture since taking P and several women, including myself can testify to its youth giving properties, based on the feedback of others.