I cannot differentiate between conventional HRT and BO/glandulars, but the effect is well known and convnetional HRT or anything that mimics is and bovine ovaries do contain bioidentical hormones, definitely causes muscles to dimish. I have lost significant strength and I was moderately strong before HRT, never super buffed out like men are who do similar hobbies as I did at the time.
I think I have lost as much as 40% of strenght and endurace is horrendous. what hasn't changed though is that I can still take long walks without exhaustion, its not super light of course as I've lost strength and gained massive amount of weight, but I can still do it. Carrying firewoof around etc. works out nicely enough but its noticeably harder. Actually very demanding physical activities are largely a no go.
Fox example, shoveling heavy snow is nearly impossible. I wouldn't even try to change car tyres as I couldn't open the bolts. There's no way I could lift anywhere near asa heavy items. For example moving a washing machine was easy and I could lift it myself, I wouldn't dare to try it any more.
Fact is that bovine ovaries and other glandulars can cause muscle loss because its basically a mild conventional HRT with possible extra effects.