Oh, yes! From what I know, wakashu seem to very much be within the recognizable range of third-sexed effeminate and transfeminine populations.

Another noticeable pattern is that these identities can be transitional for some people who spend a part of their lives within them, perhaps even to the point of the entire identity being treated as at best transitional. IMO this has a lot to do with implicit sexing and social-sexual economy.