Yes! Exactly this. Especially the part of sexual arousal. I used to think that was the only reason I did this, and even though there’s still a tinge of that, it’s really faded. The pure, unadulterated joy comes from seeing yourself as the woman that you are. I know some people don’t have that need to look on the outside like they feel on the inside, but for those of us with the severe dysphoria, it’s often the only relief there is.
I definitely feel like I look younger as a woman too. In general, I look young for my age, which helps, but just hiding the greying, male-pattern baldness takes years off!