JazminJ, you certainly ask naughty questions. I love them!
Ejaculation and orgasm, though separate, are so entangled they are hard for me to assess separately and objectively. Most have said that ejaculating a large volume of semen results in a better orgasm. I agree, up to a point. The same thing that leads to a large volume of semen, abstenance, also leads to heightened arousal, hornyness. That factor should not be discounted regarding its contribution to a better orgasm.
I have noticed that sometimes when going for successive orgasms and ejaculations, when I have had to work really hard to come, the orgasm, though maybe not as long, was more intense.
My understanding, and I pretend no expertise, is that the wonderful penile sensations of orgasm are largely or entirely neurological, not physiological. I think ejaculation is physically pleasant and satisfying, but orgasm is exquisite and intense.
Thinking about the question, and trying to answer it accurately, has caused me to wonder about a related question. When a male ejaculates, does the quantity of semen control or influence the number of contractions? I suspect the realationship of the quantity of semen to number of contractions is limited or nonexistent. My sense, when ejaculating, is that the contractions continue well past the point that there is semen left to expel. If that is so, the contractions being pleasant in their own way, that would also reduce the difference in pleasure between a large volume ejaculation and a smaller squirt.
All of the above notwithstanding, if the man's pleasure is heightened by the idea of giving his partner a big load, and the woman's pleasure is heightened by the idea of receiving her partner's big load, so be it. This is certainly an instance in which perception trumps reality!