There has never been any good scientific evidence that depression (or any other mental health issue for that matter) involves a “chemical imbalance”. It is, at the very best, a debatable and unproven hypothesis - yet many think it is some proven fact. To pick out just a couple of the numerous sources which confirm this, see https://www.nature.com/articles/s41380-022-01661-0 and https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1277931/
Transfem here. Gender Dysphoria is a hell of a condition and it usually improves massively as soon as people start taking cross-sex hormonal replacement therapy (HRT).
In my personal experience, it was almost like magic how quickly and how much I improved when my testosterone finally fell to zero.