I think the entire area dries out at menopause & this can lead to itching as well as making splits more likely, so that you felt better on Vagifem is not surprising. I think you're wise to try it again & would continue with it to keep everything in good order. If Vagifem alone doesn't do the trick, a little Estriol or Ovestin cream applied regularly to the external area might help make everything more comfortable. It healed a perineal split for me & seemed to help with poor skin condition further back.
CLKD is right too - Anusol might help, or failing that, a little Canesten or tea tree cream if there's any possibility of thrush.