Funny that you're still questioning if it's hormonal, me too! When I'm good, I don't question it, but when the symptoms pop up agan it blindsides me every time. I'll cry to my husband that I don't know what's wrong with me. He's very good now at stopping what he's doing, looking me in the eye and telling me it's my hormones, then going back to what he's doing. Now as I'm feeling well this moment, looking back it's almost comical. I must be a special kind of stupid that I still have to be reminded.
Also, in my case, it all began with missing periods, so that's a major clue for me. During my couple years of extended bleeding, I would have a bit of morning anxiety, but was able to push it aside and move on, just kind of the jitters while I was dressing in the mornings. When the periods stopped it became crippling.
As for your own cycle pushing through, I can't say for sure my own hormones weren't doing anything at all, but I wasn't having bleeds at all during hrt without the progesterone to bring them on. And aside from the withdrawal bleed on quitting, I haven't had one since. Before hrt I had gone 6 months between my last two, so I really don't think my own hormones were changing drastically, surely not enough to cause the depression I developed on hrt. But who knows?