I'm fairly certain that estrogen messed with my brain and gave me my mood disorder. But my depression started at menarche, a time that is emotionally horrifying for a teenage transman anyway...so who knows for sure how much of my depression was caused by hormones and how much by gender dysphoria.
I also pointed out to a buddy a few years ago that my mood improved considerably when I got well into perimenopause and my female hormone levels dropped. And he said, "Well, you must have been pretty happy when you stopped having your period."
Well, yes, I was. Deep in the closet, even to myself (only to myself?), and thinking, "I'm closer to being a man!"