For me personally the only effect of hormones besides feminization is to drive me into junk food binges for a couple of weeks whenever I changed the dose, so it changed my hunger, but it stabilized back after two weeks.
Also, the feminization in my case is limited, so I am generally disappointed and frustrated with the hormones, since they don't give me any emotional benefit and I don't remember having any brain clouds before or after taking them so that hasn't changed either. For me the hormones are solely taken in the hope to feminize my body and thus reduce my dysphoria. It would be great if they also made me feel better, but in my case they don't make me feel better and they don't make me feel worse.
And they also have a major crushing effect on my libido, which has both pluses and minuses for me, but those are consequences of losing my libido and what it means to me - again, not a direct emotional influence from the hormones, as far as I can tell.
I was very depressed before taking hormones and after taking hormones, and I managed that problem only with adaptation of whole plant foods nutrition and running. Again, no influence from the hormones on that as far as I can tell.
From what I can tell though there are many women who feel better just from the hormones themselves. I can only tell about myself.