I am natural, I wax at summer time and it usually means a miserable sexual life lol My boyfriend can't stand hairless pussy, just no way to him.
I heard it played a role in pheromones etc but his repulsion is visual mostly ("where is it ?" "I want a woman not a little girl, that's nasty"), but even lights off not being able to run his fingers like usual makes him feel strange (I actually miss the arousal and pleasure from the little "pulling" of hairs from touching or moving on him), I don't get many kisses either down there when "bald" lol. I tried not to overdo things and keep some hairs but still. I still do it because I want to wear whatever (like having a "real" pussy is fantastic, but it's a little too private and intimate/sexual to show others than boyfriend right)but year after year no way he's getting used to it, although we laugh about it, it became a joke like he walks in as I take my shower and just looks at me with a fake desperate look "what have you done? where is it?". To him I guess it's like I'm erasing my sex, and basically it's what it is (because we're more exposed, then it becomes a norm...).
Now about my sensations shaved vs natural.
During everyday, I feel it's dirty to be shaved, like pee get directly unto your skin (nasty to me, unless you use wipes to wash instead of plain toilet paper), it's clearly less protected and we can get infections (like first one I experienced in my life was with a bald sex), I feel my smell changes (not in a good way to me, I feel it's more like a little girl kinda, less like a woman who smells nicely when wet, then of course it smells the same when out of the shower but I feel naked skin turns bad), I like feeling clean though (not in the clean sense but "showable") like I have confidence in a bikini and overall I feel like I have cared for myself, in a strange way I feel like I'm "dressed" down there, if I was to have sex with someone not my boyfriend I would feel more comfortable waxed as if I kept something on, don't know how to say it, but feeling groomed and confident helps feeling sexy which can have nice consequences in the bedroom :)
now sexually, well besides the fact my boyfriend is somewhat turned off (which gets better after a little abstinence lol), natural is FAR BETTER more feeling, micro pulling "soft touch/pressure" on skin through, it's heaven. Shaved it feels a bit strange like when on top, but other positions are ok. I hate oral sex performed on me (I know I smell and taste wonderful to my bf, I absolutely don't find myself dirty or whatever, and actually enjoy being kissed and smelled a lot, but tongue and saliva such a total turn off, plus when I crave sex, I want to feel him inside me, a little finger playing is nice but I lose patience otherwise, like let's get to the real thing), I have had partners trying to convince me how great it was (both natural and shaved) and despite their talent, it's like a cold bucket of water to me, I don't like the feeling, and I can't help finding it weird.
Boyfriend loves it (with hairs of course) but respects that (or I get mad lol) so he just enjoys kissing and breathing.
So maybe for those a lot into oral sex, or just used to seeing shaved women so that it became the norm to them, it's a plus, to me it means less quantity and quality.