Hi Katherine,
Hormonal fluctuations are illustrated well on this site
https://womeninbalance.org/about-hormone-imbalance/Testosterone is pretty constant slightly peaking at ovulation (as you said)
I am 50 and have been on hrt for 2 years and Testosterone for 1.
Even though I had and still have regular periods, I believe my t levels have been declining for many years. For example my arms became hair free at some point in my early 40s also I stopped needing to use a deodorant.
Only you can decide whether to try T again, but in my opinion it's definitely worth a go. The only thing I would suggest is to start low, you can always increase it.
I truly believe the need for a strong deodorant is a small price to pay for all the benefits.
Hopefully it will work for you x