While only one of the trannies here is an actual cheerleader, that can be forgiven for the hot performances they give.
The first (and one of the best) scene features Tom Moore and a plump, South Asian cheerleader, complete with a cheering outfit that shows off her curves, who shows him exactly what she can do when she's not leading the team. He sucks on her nipples, pushes her panties aside, slides his cock easily into her perfectly smooth asshole and fucks her good. She even keeps her sneakers and cheering outfit on the whole time. The others flirt and flaunt their assets - shapely bods with cocks that get played with and sucked, while taking guys up the ass and giving as good a blowjob as any cheerleader.
These scenes are hot enough that they can be forgiven for not all being cheerleaders. A top choice for tranny fans.