I like sexy characters in games and I still enjoy the classic anime jokes like guy stumbling and falling into a womans boobs and she gets angry or guy walks into the wrong side of the hot springs and sees boobs and get noose bleed and the woman kicks him into the sky and scream hentai!.
That said some of the best stories do not focus on sexy female characters. Persona 4 for example has amazing characters. You do not need sexy characters to tell a good story and most games that focus on fanservice end up not being great story wise. But visual novels on the other hand can have really emotional stories and still have sex scenes so there are ways to tell a great story with sexual content.
I think it boils down to if the female character has enough personality or not. If she is just a pair of tits and no personality then in most cases the game is not good but a woman can be sexy and still be an interesting character. I've not finished Persona 5 but Ann seems from what I've played to be an interesting character despite her sexualized appearence. Or maybe because of it since her story revolves around it. She does not appear to be there just as a sexy doll with no personality of her own.