Both of these.
When CDers say, "I feel like a woman", it implies there is some universal way that women feel that the CDers have somehow tapped into. THERE ISN’T. Women experience the same feelings as men. They’re happy when they have successes and they’re disappointed when they don’t. They get angry like men, they laugh at jokes like men, they feel pressure at work like men, and the list can extend to any human emotion there is. They DON’T feel they are submissive or powerless, no more than a man might feel if someone stronger should get the better of him somehow.
Women and men feel the same things, so how can someone say they feel like someone else. I could never say I feel like my best friend, my mother, or anyone else. I can only ever just feel like me.
And so when CDers describe their enhanced feelings when they dress as "feeling like a woman", it rather describes an enhanced feeling. A more accurate way to describe this might be, "I feel [fill in the blank: excited/happy/great/high/aroused/etc] when I present as a woman". This is not how women feel when they go about their business on a day-to-day basis. We feel rather neutral, until something happens that triggers an emotion of some sort, like feeling annoyed if the person at the cash register in front of us takes much longer than is customary to transact their business.
Members here may respond that women must feel something that men don't feel, if they are dressed in an attractive manner and men should express their admiration for them (if men should think they are sexy). Well, I can tell you that I've been out with my sons when women expressed their admiration for them (flirting), and they felt the same way a woman does when it happens to her. It made them feel good.