Asklemmy

Another consideration is how the penis is related to in terms of your gender, if a guy is into the woman because she has a penis, does he see her penis as a woman's genital, or is it still male?

One way to explore this is to ask how you would feel if the penis were not used for penetration, not even used erect - would you still be attracted to her if her penis remained flaccid and was stimulated more like a clit?

If you want her primarily to take a "masculine role" in bed, and you primarily want her penis to function like a man's penis, the appeal might be motivated from a place that on some level still thinks of her and her genitals as male.

Sometimes it's just about the novelty and taboo, which are frequent objects of sexual desire (think of how popular incest porn is, etc.). Sometimes it's about a repressed bi- or homo-sexuality, where the woman with male genitals becomes an ideal basis for fulfilling some of that forbidden desire.

Simply seeing the gentials as male is probably common, and on its own isn't the biggest crime, but if that translates to not seeing and treating her as a woman I think that can be really problematic.

The issue of objectification is separate, and I would even argue some objectification can be desirable in sex (or at least aiming to never objectify does not seem like an absolute ideal), we sometimes wish to be sexual objects (whether that's healthy or not) - but we rarely wish to be seen as men.