Sex really plays an important role in our lives, it's not necessary to have sex or masturbate in order to live a good life, but many of our interactions and the way we see other people is shaped by sex in more than one way.
Taking hormones that play a role in your sexual functions can have very bad effects in your quality of life, specially if you are already depressed. Your sex drive is only one of many things that are affected by hormones, many other processes in your body will be altered, there's a reason why hormone therapies should be closely monitored with constant blood checks and other tests.
I think that there are less intrusive ways of reducing your sex drive, but doctors nowadays are giving hormones as if they were candy without considering your long-term health, so you should weight the pros and cons of getting into such treatment before taking this decision.