Like most other nicknames some people will like it and some won't. I think that girls will generally like being called princess.
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Calling someone "princess" can be a term of endearment or a way to show affection. It may imply that he sees you as special, cherished, or deserving of royal treatment. However, it's important to consider the context and your relationship with the person to fully understand the intention behind the term.
It simply means he is your servant(slave) or he is you prince or he is the king.