Modern menopausal hormone therapy is solid within guidelines: it's the most effective treatment for hot flashes, night sweats, and genitourinary symptoms, and it protects bone. For healthy women under 60 or within 10 years of their last period, benefits generally outweigh risks.
Timing and route matter: starting near the onset of menopause has a very different risk-benefit profile than starting years later; transdermal estrogen carries less clotting risk than oral, and women with a uterus need a progestogen.
FDA-approved bioidentical hormones are legitimate; compounded "custom" BHRT is not better: a National Academies review found a lack of rigorous evidence for compounded formulations, and saliva "hormone testing" used to titrate them isn't validated.
TRT is solid for confirmed hypogonadism, not normal aging: the TRAVERSE trial found testosterone did not increase major cardiac events, but flagged higher rates of pulmonary embolism, atrial fibrillation, and kidney injury — so careful selection and monitoring still apply.