Look at me! I am a mage! And I cast: vote!
Words are fun, I assume we are talking about arousal-teasing, not schoolyard bullying teasing. I believe we call the latter degradation.
So yeah, I don't think I ever met anyone who would call teasing proper torture. There is always fun, you are always getting something - some attention, some affection, some arousal - yet not "enough". It keeps you yearning for more and drift into a needy, perhaps subby state. It is mighty pleasurable and I dare say it is only called torturous because to an outside observer it may seem like it.
You do not get anything out of denial though. Sure there is all the emotions from being an obedient submissive, the sense of accomplishment, the pride in withstanding it - but those are non-specific to denial! You can get those anywhere.
Add a little personal touch - when I am denied for too long I start developing serious mental problems, not the fun mind-game thing, more like the safeword-calling, relationship-ending, existential crisis, one-freak-accident-away-from-worldending-supervillain kind of problems.
I mean I still do it, but there is a hard limit on how long. I consider it one of the closest things to actual torture without being actual torture. I prefer waterboarding any day!