It's interesting... When I was in high school, I would occasionally notice a cut guy in peripheral vision at a urinal or in showers at summer camp. I guess I tried retraction not out of any desire to be cut, but perhaps out of curiosity of what they must experience on a daily basis. I guess I just wanted to have some amount of empathy. I did think the sensations were interesting, and bare head masturbation is a different (not necessarily better) experience.
But afterwards, my gun wants it's sheath. Also, in potentially really nasty situations (swimming in stagnant water in the hot summer, various really dirty jobs like dealing with trash, or trying to even use the bathroom #1 or #2 in an outhouse swarming with flies), I want my foreskin protecting the head. My instinct says that particular part of the body needs to be protected from nastiness or potentially infected/diseased materials. Oh yeah, the natural extension of that thought is that anal sex (with a woman or a man) seems EXTREMELY repulsive to me. There's poop and poop bacteria/viruses up there.
Retraction allows for an occasional novelty to masturbation technique, but when not in an aroused state, we've got our protective sheath.
Str8 with a gf here, but I can imagine mutual masturbation with buddies as a form of male bonding. I have ZERO desire for a boyfriend. But the more close bros the better.