Yes. Though I’d point out that HRT covers a much broader range of pathologies than what the current media landscape covers.
As far as I understand, in the original etymology, “replacement” in HRT referred to the fact that the hormone source is coming externally to buoy up a diminished supply in the body. It’s not (necessarily) referring to “displacement” of a hormone that’s already there. More like this usage: when you run out of milk, you go to the store to replace it.
Technically menopausal hormone therapy is HRT, for example. Testosterone replacement in males with low circulating levels is another. Nowadays the usage is definitely shifting, though, and clearly it has a different colloquial meaning.