For me it's both, and I suspect it's that way for most pantyhose wearing men.

When I first started wearing pantyhose I couldn't believe how great they felt. I would come home after school every day and put them on immediately. Years later as I entered my teens the thought of masturbating while wearing pantyhose didn't even cross my mind at first. I would masturbate and then later put on hose. One day I decided to masturbate while wearing the pantyhose and I exploded like never before. At that point, wearing pantyhose took on the extra dimension of comfort and sexual.

Now, being married for 23 years and having an active sex life, the act of wearing pantyhose still remains a dual role.