Bearing in mind I've I've only got in-depth insider knowledge of one agp, I think it's more a case of men not really understanding that the way women's sexuality is presented and discussed is an attempt to condition us. It's not real, it's not natural, it's about training us that being submissive and scantily clad and abusable makes us sexy and powerful and desirable.
They don't understand what real female arousal and desire are about. They believe what's presented to them. And they believe what's presented to them about male sexuality too.
There's being aroused by clothing and there's being aroused by wearing it yourself. It's this idea that, by putting on the performance, a woman gains sexual (and social) power, which is utter bollocks yet believed by so many of both sexes. Any arousal a woman might feel then is about feeling desirable and wanted; the clothes are just a proxy presented for this purpose by the culture.
For my ex, the clothes make him feel like the one who gets abused and humiliated and enjoys it. Pornified patriarchal society taught him that, and he never questioned it - no one around him questioned it - until I did.
I'm half asleep at the moment and at risk of not phrasing myself clearly, so I'll resist the urge to pick Serano apart.
A woman with an autoandrophilic fantasy might use culturally determined signifiers of masculinity as part of her fantasy, but what she's getting off on is being the powerful one, the one who's in control, the one who gets to do rather than be done to, the one who gets to focus on their own pleasure instead of it being all about the other's. The one who isn't Socially Constructed Woman.
I don't know what other women imagine when they're masturbating, but I suspect I'm far from alone in my tendency to imagine myself as possessing a female body that doesn't have the perceived flaws my actual body has. To someone who's not been raised female under patriarchy this may look like agp, but it's not. It's not about being aroused by imagining myself as a socially-approved sexy woman. It's about being so repulsed by my own body as a result of my experiences as a female under patriarchy that I simply couldn't muster successful arousal without taking myself out of the picture. That's not a fetish. It's trauma.
The thing we don't tend to admit around here, because it's understandably hard to try to empathise with adults indulging in obnoxious and abusive behaviour, is that there's often gendered trauma underlying agp too.