hello, hi, trans femme here.
because I am an optimist and glutton for punishment, I read an unhealthy amount of crossdressing manga. This is one of the very very few manga that draw the "crossdressing" "boy" with a prominent Adams Apple — even after applying magic makeup. Also, the way Momiji's hands are drawn is legit giving me lowkey dysphoria.
If we want to give this manga a charitable interpretation, then the fact that Ao is finding Kouyou attractive after falling for Momiji is just further proof that trans women are women — something she herself doesn't understand because she only just realised she's gay and the only trans woman she knows doesn't know she's a trans woman herself. So: Kouyou figuring out his gender would make for a sweet story, as would Ao figuring out her sexuality, but them doing it at the same time makes for a messy story and that's what we're here for.
Anyway, a trans girl who calls herself a dickgirl isn't great representation, and neither is the pervert lesbian in this chapter. But, so far, the gag factors have not relied on dehumanising any of them: This chapter saw the standard setup of getting the two hiding in the locker, but the twist wasn't that Kouyou got an erection. But I'm sure there's plenty of potential to mess this up next chapter!
As an aside, it's interesting how little Momiji gets sexualised so far. She only shows up in chapter 3's last page for titilation (I'll give chapter 4's final page a pass). And for Momiji being a (suspected) trans woman) / Kouyou being a cross dresser there's only one scene which draws attention to her crotch https://dynasty-scans.com/chapters/momiji_and_kouyou_ch03#11 and that scene, again, has her hands drawn in a decidedly unfeminine way. Have I mentioned how the way Momiji is drawn is messing with my head? (I love it, lol and patiently await more)