Yes, your estrogen levels change during menopause. But not nearly as much as other hormones do. 

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So "replacing" your estrogen has long-term, unhealthy consequences. Hormone supplementation of any kind —
prescribed or so-called bio-identical — disrupts and prevents important hormonal signals sent to your
bones, brain, blood vessels, bladder, skin, liver, and adrenals. 

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Estradiol (but not total estrogen) and progesterone gradually decrease during the menopausal years. 

But other hormones — notably FSH and LH — rocket up. These elevated hormones are profound signals to your entire body. They are getting you ready to be a powerful old woman, filled with vibrancy, energy, and delight. 

Taking supplemental hormones relieves menopausal symptoms by preventing the very mechanisms that allow you to age well. 

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These hormonal increases do cause troublesome symptoms but only for a while (Okay, a few years),
And can be moderated by nourishing your liver. 
And by eliminating alcohol as a daily drink. 

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Follicle stimulating hormone (FSH) levels increase during the early years of menopause. Remember, there is no "peri-menopause."

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"Women with high FSH levels may experience mood swings, irritability, anxiety, depression, fatigue, decreased energy levels, and weight gain."

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Taking supplemental estrogen reduces FSH. But high levels of FSH are a critical signal to your adrenals, bones, and liver. Without that increase, menopause detours from its healthy, though symptomatic, course, leaving you with weak bones and weak muscles (sarcopenia).

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Leutinizing hormone levels also increase during menopause. This is an especially strong signal to your adrenals, brain, bladder, and skin. Absolutely necessary for long-term vibrant health, good memory, strong skin, and freedom from urinary incontinence. 
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From: Associations of LH and FSH with reproductive hormones depending on each stage of the menopausal transition 
https://bmcwomenshealth.biomedcentral.com/.../s12905-023...
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"During the menopausal transition, the production of luteinizing hormone (LH) and follicle-stimulating hormone (FSH) in the pituitary increases to compensate for the declining estradiol levels. [Note: Estrogen is not declining, only estradiol.]

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"Based on changes in FSH trajectory accelerations and decelerations and rates of change, four menopausal transition stages bounding the final menstrual period and eight epochs in chronological aging from ages of 28 to 60 years have been defined.

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"Also, in women aged 42–52 years, three FSH trajectories over the menopausal transition have been identified. Previous studies have shown that FSH receptors are distributed in various tissues including the bone, liver and [blood]vessels as well as the ovary. It has been shown that FSH has extragonadal actions and that FSH levels are associated with various diseases and with metabolism in postmenopause.

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["Serum FSH levels were negatively associated with 10‐year ASCVD risk in postmenopausal women. Among cardiometabolic factors, obesity indices had the largest associations with FSH. These results indicated that a low FSH might be a risk factor or a biomarker for cardiovascular disease risk in postmenopausal women."]

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"On the other hand, LH receptors are also distributed in not only the ovary but also the adrenal gland, brain, skin and bladder. It has been reported that an LH level of less than 41 U/L showed a positive correlation with dehydroepiandrosterone sulfate (DHEAS) level in postmenopausal women but not in women during the menopausal transition, suggesting that DHEAS production from the adrenal gland may be stimulated by highly elevated LH levels. 

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["Low DHEA levels often present symptoms such as memory loss, fatigue, low libido, osteoporosis and erectile dysfunction in men. It has also been linked with a shorter lifespan in men but not in women."]

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"Although much attention has been focused on the delta-4 steroidogenic pathway that produces cortisol, androstendione and testosterone, longitudinal studies have suggested that the delta-5 steroidogenic pathway that produces DHEA, DHEAS and androstenediol may play a more important role in women's healthy aging. 

"During the menopausal transition, increases in LH and FSH levels change the activities of enzymes and might be associated with changes in the levels of reproductive hormones."

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Additionally, testosterone levels dip during menopause, then come back strongly. "By the time a woman reaches menopause, blood testosterone levels are about one quarter of what they were at their peak. However, after the age of 65-70 years, women [who aren't taking supplemental hormones] have testosterone blood levels similar to those seen in young women."

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This slow increase in testosterone during post-menopause is one of the keys to being a healthy older woman. 
Taking hormones to reduce menopausal symptoms derails this benefit. 

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Hormones are complicated. They vary hourly, weekly, yearly. They interact with each other. They signal other organs. 

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Menopause is not merely less estradiol. Taking "estrogen" is not the answer. In fact, it ruins our long-term health.