I believe that someone can find something degrading while, at the same time, a different person can find it empowering. I'm sure adult film stars don't feel degraded by their occupation. Other women however, find that their acts on film are degrading and paint women in a negative light. It truly is a matter of opinion.
Sometimes things are very clearly degrading, but often times it is a matter of personal opinion. Some people are more easily offended and will find more things to be degrading, while other people have a certain sense of humor or do not take many things too seriously, so they won't see the same things as degrading.
Yes, I think that whether or not something is "degrading" is a matter of personal feelings. For instance, I strongly dislike beauty pageants (and have called them degrading to women) and have made this known to my sister. She disagrees. I think that this is obviously because our own personal feelings are involved.
For example, if a woman or a man for that matter is working in pornography, she enjoys her job, she doesn't feel like it makes her any less of a person, she feels that sex is just another human activity and that sex isn't a shameful secret thing that needs to be hidden away and can be used for entertainment just like other human activities then she's not degraded.
People have all kinds of feelings, but that has no bearing on anything unless certain situations are present. Some people are over sensitive or even crazy- their feelings are irrelevant because they are objectively wrong. Obviously, people should refrain from trying to upset people, I'm not saying that it is ok to be insensitive or cruel. Lets move past the common example of certain film industries and talk about Nazis! They were undeniably degrading in countless ways, but many of them thought they were doing something "honorable." Relitivism, even of the social variety, looks bad in this light. Rather than determine if something is degrading by how someone's perception interprets it, people need to make sure that their perceptions are correct. Evil is done when emotion and idiosyncratic morality are allowed to grow.