I've looked on subreddits for people transitioning and they always go for the one hormone approach. Some FTM use topical DHT for masculinization, specifically growing clit size and more facial hair, but others appear to be scared of DHT because of hair loss, so they take DHT blockers with their testosterone, which of course isn't going to give them full biological male masculinization as men during puberty aren't on DHT blockers.
On the topic of FTM, obviously they're going to have to be very heavy duty to turn a woman into a passable "man", so basically they need to take roid head levels of testosterone and DHT, or else they're just going to look like a really low T feminine man, not like Henry Cavill or Chris Hemsworth. Of course there's concerns with safety dosing biological women with high levels of T and DHT, but this just means that biological women are going to transform into undesirable soy boys, not anything close to the pinnacle of masculinity.