Yes, it turns me on massively. I think it is the high-point of cuckold excitement because it has a huge element of worry/angst/fear attached. My wife has been a serial cheater, which is odd because she has permission to be a hotwife and we also swing. She first cheated when we were engaged and then not long after we were married. This was our entry point into hotwifing. But, even though she has played the hotwife very well, she still develops some relationships that she keeps secret. It is with guys she really likes. I think the illicit adds to the thrill for her.
One thing's for sure, I jerk off more about her cheating episodes than I do her hotwifing (although I do stroke to both 🙂 )