IMO it should be deductible, but it's likely that if it's questioned they would consider it "cosmetic"
Our facial structure and those of natal females (some of whom have distinctly masculine features) would probably give the IRS all the ammunition that they would need to deny rhinoplasties, chin work, bleroplasties, cheek implants, etc.
In the case of facial hair ( beards), our effective transition is quite dependent on it being removed. In the case of natal females whose facial hair starts to increase with age, I think that they would deny electrolysis citing "normal" effects of hormonal changes due to aging and consider it cosmetic as well.
I have taken and will continue to take deductions for electrolysis.