Yes definitely. Although I've put on a few pounds in the past few months ( not sure why) I've been on HRT for 12 years and I still lighter than I have been when peri-menopausal and also have been lighter even when on HRT.
Some progestogens tend to cause bloating and if you are taking them all the time this effect might be exacerbated? Oestrogen should not cause weight gain but your boobs should be more substantial ( if you start HRT when almost post-menopausal and they have lost their structure), and your fat distribtuion may alter back to a true feminine shape ie round the hips and not the waist/midriff.
Some women seem to report weight gain but not sure why - it's not a given. Weight does pile on at this time as metabolims slows so you have to pay more attention to diet and exercise - eat less especially carbs and sugar, eat more fruit and veg and pulses etc, and exercise more especially resistance - body-conditioning, light weights etc.
If you're ravenously hungry - make sure you eat lots more lean protein at mealtimes and snacks and drastically reduce sugar, refined carbs, extra fat, processed foods. You should be able to eat when you're hungry until satisfied and not put on weight, as long as you don't eat the wrong sort of foods and keep those muscles toned!
Hurdity x