Of course it can, oestrogen deficiency is for life. Everyone has a different journey, some sail through meno and suffer later, others are laid low in peri, for some symptoms improve post meno whilst for others they're lifelong. I'm older than you and if I reduce my hrt all my symptoms return with a vengeance, including anxiety. Your friend is lucky (or maybe not, she may get osteoporosis whilst someone who needed hrt because of horrendous symptoms may be protected).