It is hard work being a women. Even cis women know this.
I agree hormones are only a small part. But of all the things you do during transition, hormones effect far more details all by themselves than any other thing.
They effect physical and mental things. The physical shouldn't be understated but it is not a golden ticket, still... muscle atrophy, body hair loss, subcutaneous fat, breast development, fat migration, changes to the face, easier tucking, changes in skin tone... it all adds up.
Yeah, I can still pass as male, although I do male fail now from time to time, which is new. Passing as female takes practice but I am seeing great results. Yay!!!
Posture, wardrobe, makeup, eyebrows, voice, gestures and stuff really do make a huge difference too.