Background: Multinucleon transfer reactions at energies around the Coulomb barrier offer a vital opportunity to study rich physics of nuclear structure and dynamics. Despite the continuous development in the field, we have still limited knowledge about how deformation - one of the representative nuclear structures - affects multinucleon transfer reactions. Purpose: To shed light on the effect of deformation in multinucleon transfer processes, we study the $^{16}$O+$^{154}$Sm reaction at $E_{rm lab}$=85 MeV (around the Coulomb barrier) and 134 MeV (substantially above the Coulomb barrier), where the target nucleus, $^{154}$Sm, is a well-established, deformed nucleus. Results: Angular distributions for elastic scattering and for various transfer channels were measured over a wide angular range at the BARC-TIFR pelletron-Linac accelerator facility, Mumbai. The $Q$-value- and angle-integrated isotope production cross sections have been extracted from the measured angular distributions. The experimental data are analyzed along with time-dependent Hartree-Fock calculations. For the lower incident energy case, we find a reasonable agreement between the measurements and the TDHF calculations for a-few-nucleon transfer channels; whereas TDHF underestimates cross sections for many-nucleon transfers, consistent with earlier works. On the other side, we find that calculated cross sections for secondary reaction products for the higher incident energy case, qualitatively explains the measured trends of isotopic distributions observed for the lower energy. The latter observation indicates possible underestimation of excitation energies in the present TDHF+GEMINI analysis. Although certain orientation effects were observed in TDHF results, it is difficult to disentangle them from the $Q$-value- and angle-integrated production cross sections. (Shortened due to the arXivs length limit.)