Absolutely, it's nothing to be scoffed at.
Will hormones alter a person's mental state? To a degree I think that's a possibility as would almost any type of medication or drug. I can only speak from my own experience but I changed what I was doing and had a short spell on pharma that a managed to get hold of, that didn't go too well.
I had a meltdown right here on this site, for a few weeks I was being nasty to everybody, attacking then crying then being bitchy again, I was awful to everybody and especially to myself.
I blamed the hormones however its all too easy to place the blame for bad behaviour on something else.
But! That was on a different account I lost my password to so can't get in anymore but maybe some here will guess?
There are many variables that may contribute towards depression or moodiness and pinning how you are feeling down to one single thing may be inadequate I do suspect that my hormones yes, the were a major contribution to the way I was feeling but in hindsight it was not only the hormones that screwed me up there were other issues but the hormones didn't help. But im just guessing that as I'm in no way qualified to analyse anybody or especially analyse myself.
If you think something you are taking may be effecting your health then try something else and tackle those other contributing issues too. Easier said than done...I know.