I'm quite sure there is a vasoconstriction.
My testicles shrink the days after O, get really close to the body, I can't touch them, it's as if they don't exist. They shrink and expand at random times. In the days with no POIS, they keep their usual volume. But they can shrink after physical exercise as well, without orgasm. Nobody else has reported this.
So yes, I also think there is serious vasoconstriction.