I think I'm susceptible to hormone-related depression because I used to have similar problems before T. I just have a brain that is sensitive to chemical changes. Maybe you do, too.
I know that transition had a beneficial effect, but I can't tell whether the T itself made a dent in my depression. Probably not. Just starting transition made me feel better, although my anxiety was through the roof because of job issues, my breakup, moving out, and dealing with transition logistics.
I still get seasonal depression and bottom dysphoria, and I didn't feel right when I decreased my dose below a certain level, so I raised it up again. However, I was on finasteride at the time, so that was a factor.
Sure is complicated...