I think if you have never suffered with any anxiety or depression until the age of menopause than it is highly likely that hormones has something to do with it. However if anxiety has been a constant companion since a young age, as in the case of weathergirl, CLKD and myself (and maybe others too) then it is not primarily rooted in hormones.
Having said that, my own history with anxiety goes back to when I was very young and is a result of a traumatic and dysfunctional childhood, but I never had a panic attack until two and a half years ago when I was menopausal. It is my belief that the hormonal upheaval exacerbated the already present anxiety and brought it to the fore. In a way I am glad because it led me to get treatment for it.
I will never be completely clear of it but it is almost under control a lot of the time now.