For alcohol to have an effect on breast cancer risk you have to drink a minimum of 1 alcoholic drink per day, every day (light drinker). At this
level, your increased risk is 1.04 (1.01–1.07) than those who drink less than 1 alcoholic drink per day or drink less than 4 in one sitting or a non drinker.
For example drinking that is 1-3 glasses of wine a week is not any added risk for breast cancer compared to being a non drinker.
HRT risk of breast cancer is a lot lower, with the caveat that the longer you take it the higher your risk. The rough metric is 1.005 if you take it for 5 years but this can be higher or lower depending on your dosage and type of HRT.
The more risk factors you have, the more your risk profile goes up. So it is good to avoid what you can. So if you need HRT, might be wise to cut back drinking alcohol if you are a daily or binge drinker.
HRT does reduce risk of osteoporosis but there are numerous other medications that reduce the risk a lot more without the cancer risk. There are also non pharmaceutical remedies to prevent osteoporosis which have no risks at all- e.g weight bearing exercise.
There is no evidence HRT helps with dementia.
Breast cancer is horrific in its own right, some women may decide that preventing osteoporosis another way is a better choice for them.