From a damage standpoint, it doesn't really matter.
The frenulum can be cut/torn while the foreskin is being separated from the glans or it may survive to be cut away as a final finish step after the foreskin has been cut away.
But that doesn't really matter because no matter how it's done, the sexual sensitivity is gone for two reasons. First, a primary function of the frenulum is as a stretch receptor and once it has been cut, it doesn't stretch anymore so that function is gone. The frenulum is also a tactile input sensor the same as the clitoris. During the procedure, the inner and outer layers of the foreskin are cut at the same time and instead of being put back together edge to edge, they end up back to back where the frenular nerve and the frenular artery can not reconnect. Thus, no blood flow and no nerve = no sensation. Now that doesn't mean that there is absolutely no sensation in that area. There are nerves and blood vessels coming from adjacent areas. But, they are not connected to the proper area of the brain and to the proper sensory receptors so the feeling is like the feeling on the shaft skin, more or less. On other words, pleasant but not what it should have felt like.
On another site for men, the intact men described what it felt like to do certain things to their penis including touching and stretching the frenulum and frenular delta. As I read that, I became the most angry I have ever been about my own circumcision because they were describing things that were so normal and natural for them that they had never thought about it and it was so foriegn to me that I had no way to even begin to comprehend what they were describing.
When women of circumcised men describe that area of their SO as being especially sensitive, I start thinking. The corona and coronal succulus of the glans is the most sensitive part of the glans and it comes to a junction with the frenular delta on the underside of the glans. I'm wondering if that is what is being stimulated since it is almost impossible that the frenular nerve could survive circumcision. I've never found an answer for that. We (medicine) know so little about those parts that they are so dismissal of and so anxious to modify.
Frank