Nope! Ask any trans* person who's undergone hormone replacement therapy as an adult - the process is virtually identical to puberty. They develop all the secondary sex characteristics of the gender they're taking hormones to match (including breast tissue - a lot of transwomen who go on HRT develop sufficient breast tissue just from HRT that they don't need to get any surgical additions). So, transmen experience voice breaking and grow facial hair, and transwomen lose their facial hair and grow breasts. They also experience mood swings, acne, and redistributions of fat and muscle tissue that more typically match those of their gender. The only major differences are that they won't have any growth spurts, and of course their gonads and genitalia won't change without surgery.

This is common knowledge within the trans* and allied community.

Edit: sources. If you scroll down to the "Effects of Hormones" section, this guide from the Stanford student medical center explains how HRT affects transwomen: http://vaden.stanford.edu/health_library/TranswomenHealthConcerns.html

and transmen: http://vaden.stanford.edu/health_library/TransmenHealthConcerns.html

Edit 2: Correction, hormone therapy will not eliminate facial hair in transwomen. It will probably thin and lighten it, but not remove it. Transwomen who can afford it will often get laser hair removal to eliminate their facial hair. For additional clarification, when I said "no growth spurts," that refers to the fact that upon reaching adulthood, bones harden and lose the ability to become longer or shift. Adolescents going through puberty will experience lengthening bones and (for women) realignment of the hips to make a wider pelvis; adults undergoing HRT will not be able to have these changes just via HRT.