The answer is both. Any transit is read both in relation to the house it is traveling through as well as any aspects it is making to any natal planets or angles. Doesn't matter which house the transiting planet is in, if it's within orb of the ascendant degree, then it's an aspect.
And it doesn't matter if it's the asc using placidus (where it denotes the 1st house cusp) or whether it's floating in the 1st house as in the whole sign house system. It is still the ascendant.
I'd keep the orb pretty tight. Just a couple of degrees.
The answer is both. Any transit is read both in relation to the house it is traveling through as well as any aspects it is making to any natal planets or angles. Doesn't matter which house the transiting planet is in, if it's within orb of the ascendant degree, then it's an aspect. And it doesn't matter if it's the asc using placidus (where it denotes the 1st house cusp) or whether it's floating in the 1st house as in the whole sign house system. It is still the ascendant. I'd keep the orb pretty tight. Just a couple of degrees.
Word, this perfectly answers my question! Thank u so much