Yes the pin does hold it in and it's a pig to remove.
My technique is to break off the plastic alignment clip ("leg") from the
sensor and also the metal clip at the head of the pin. This gives good
access to the pin itself. I then use a pair of side cutters to grip the pin
and at the same time lever sideways against the casting. It's the only way
I've had success.
Having removed the pin, the sensor is still hard to get out. It has double
o-rings on it that make it tight in the transmission. DON'T be tempted to
hit it upwards with anything or it will break off! I grasp it with a piece
of rag, then rotate it a few degrees each way until it feels loose. It
should then pull upwards easily.
Best of luck!
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