it seems to be unclear, with studies arguing both positions.
what i'm going to say is this: while it's certainly possible that estrogen may be exacerbating an underlying issue, i just got an email back from my uncle confirming that this issue with "poor circulation" is something that he has experienced, his mother has experienced, and two of his sisters have experienced.
so, everybody on that side of the family has this condition.
there's clearly an underlying mechanism, and it needs to be addressed, regardless.