Half the women I know are on HRT and half are not. The half who are will tell you it is the most important decision they made in their forties. The half who are not will tell you they have considered it carefully and decided against, for reasons that are theirs.
Both halves are correct. The decision is medical, personal, and irrelevant to your skincare strategy.
HRT, where it is the right choice, addresses many things — sleep, mood, joint pain, vasomotor symptoms, bone density, cardiovascular risk profile. It does some things for skin. It does not, in any meaningful way, reverse the structural softening that perimenopause was driving. The face-specific intervention is its own category, and runs alongside whatever route you have chosen on hormones.
Anyone telling you their non-hormonal skincare is an HRT alternative is selling you something. Anyone telling you HRT is an alternative to thoughtful skincare is also selling you something. Run the two decisions separately.