For people who are good candidates, such as myself, laser hair removal can still result in sufficient "reduction" as to be effective - I had 99.99% of my facial hair killed permanently, and while that's merely a "reduction" in that there are some survivors, it's only a handful that I can wax/pluck once a month or so.
I will warn that my laser tech told me that T causes facial hair follicles to suddenly "activate" when they hadn't before, meaning cis men (and cis women with hormonal imbalances, including menopause) will suddenly start growing facial hairs they'd never seen before. I'd assume that what that means is that for someone on T, there's always a small risk of developing new hairs and having to do another round of treatment.
(Oh, and yes, estrogen HRT reduced my body hair in both thickness and length, so that for example an inch-long aggressively thick black arm hair is now about 1/2 inch long, almost invisibly fine, and nearly blond. Chest hair - of which I only had a dozen or so - disappeared entirely, or rather changed to vellus hairs, which are those tiny baby-fine fluff hairs that appear on women.)