First, the answer is yes, retinol can make wrinkles worse, especially when you first start using it. What is happening is a drying effect, and one can get epidermal sliding from separation from the dermis. But this is temporary, and will eventually end up tightening the skin around the eyelids, provided you are using a potent retinol preparation.
With the estrogen drop, production and repair of the skin’s collagen and elastin also falls, which can cause a dryer, duller complexion. Estrogen also stimulates fat deposits. As these levels shrink, fat deposits become redistributed, and that causes the loss of supportive fat in the skin of the face. This allows sagging wrinkles to appear.