I went from barely passing with a lot of makeup a year ago into passing even without any makeup at all most of the time, though a little makeup (these days I mostly only use primer, CC cream, some concealer and/or foundation on problem areas) still reduces the chances of being clocked. My face has become a lot rounder, I have fuller cheeks, I think my cheekbones may be a little more pronounced (and they've always been kind of high), and the changes to my skin texture help change how people see me. Obviously there have been no skeletal changes in my face, but fat redistribution (depending on degree) does a lot when it comes to how people perceive you. I have met acquaintances who completely didn't recognize me, though most people do if they're aware that I have transitioned.
As for hair removal, I went with laser in my face, and it has worked well. I'm now only struggling with my upper lip, and while I foresee having to clean up the rest with electrolysis at some point, I'll gladly pay a little extra and stick with laser a while longer, since I don't like the thought of having to grow out stubs for electrolysis. I have no car, and would have to use public transportation to get to the electrologist.
But in general, the effects of HRT depend on genetics (body weight also plays a part - it's important to have enough body fat to redistribute) and laser depends on numerous factors. I've been lucky that my hormone levels were so low before HRT that my first puberty started late, took ages and was probably incomplete - I have broad hips that probably aren't completely closed (they actually rotated a bit after I started HRT - and I've always had a feminine gait naturally), small shoulders, small genitals (not micro, but definitely smaller than most) and my feet are smaller than in any of the males in my family, who tend to have bigger feet, broad shoulders, narrow hips and very masculine faces. My doctor/endo thinks I may have partial androgen insensitivity, but we haven't bothered with a proper diagnosis since it wouldn't really make a difference.
But I digress - my point is simply that YMMV. There are people who get almost no facial or body changes from HRT, but there are also people who change a lot more than I've done. And it's not really possible to know beforehand. But yes, HRT can make a difference facially, to very varying degrees.