I've only lost weight on T (slowly) but gained a fair amount of muscle as well.
What's also happening is that my belly isn't getting smaller because I suspect the fat from elsewhere is being put there with T, even while I'm gradually losing weight. I can feel the loss of the under-skin fat on the legs and elsewhere that normally is told to sit there on a female body. But what's left is adding itself to the stomach area, so even though I'm getting lighter and healthier in general I've got this belly that won't quit. It'll be the last thing to go.
Lost about a stone (14lbs) in 8 months, being careful to do it slowly so as to let the metabolism and habits adjust (or you just gain it all back anyway). I wouldn't say T itself has increased my hunger or appetite but it has increased the need to be active. I literally feel an urge to go an expend energy now, which is then followed by wanting to demolish anything edible nearby. There's definitely more muscle on my frame, and I notice wanting to eat more meat, but I stick to lean and white meat or fish anyway so I figure that isn't contributing much to the slowness of the weight loss.
I've been given a surgery goal of 10.5-11st by the doctors for my height, but don't want to end up skinny with strings for muscles, so been chasing a more gradual mode of weight loss than I know I could do if I just straight-up wanted to lose weight. I've never been of a particularly skinny build though, so doubt that's a risk.
If anything, the only weight issue I had on T was the "water weight" one when I found out what the dose threshold is for that. Since I stay below it, the only time I gain water weight is when I experience lack of good sleep.