As Dena said, and I'll paraphrase, it's the rate of change that defines the effects of "low" vs. "high". And rate of change is proportional to dosage over time. The final extent of change (where you end up) depends on lot's of individual variables, i.e. genetics and family history, age, health, co-morbidities, diet, etc. As with any pharmaceutical, it's all about the dose. The standardized (haha, really?) doses for HRT that we read about and that are administered are starting points.
Here's a for instance: I'm on what would be considered the starting doses of Spiro and Estradiol (oral). My first blood test came in after 3 months. The T was a little bit high by cis-female standards and the E in the lower range but still above the minimum. I'm feeling and seeing some slow change and I'm happy. The boobs are sore (slightly fuller but not measurably larger), the body hair growth slower, softer skin, etc. Most importantly for me my dysphoria is much quieter. Now that's subjective, I know, but both my partner and my therapist have independently noticed that I am much more chill now. My doc asked if I would like to have the dose doubled since I'm not in the center of the female range. My answer was no. I'm good for now. Not being out or socially transitioned, this is a good low dose place. If I get dissatisfied with the rate of change, I can bump up the dose. On the other hand if things start to move faster than I am ready for, I can titrate back (lower) the dose. My therapist says all the time: you are in control of your transition. And yes, if you are on HRT, make no mistake, you are in transition but how that happens is up to you. You may, like me choose the slowest rate which is virtually unnoticeable externally to most people or go for it.
I can even change the effects myself over time, not by changing the official dose but by changing the way I take my meds. I currently take the Spiro on an empty stomach in the morning. I can make it more effective by taking it with a meal instead (that'll bring the T down a little more), since Spiro is better absorbed and has better efficacy when taken with food. If I eat some grapefruit or drink the juice during the day it'll bump the E over time since a chemical in it inhibits the metabolization of E thus keeping it circulating in the body longer (well documented). In the other direction, I could skip a dose every so many days to lower the averages.