Would you try and have a conversation?

[RIPDotCotton]

Hi,
long story short. DD 18 has been wearing male clothing exclusively for 2 years. Cut her hair short 18 months ago. We’ve rolled with it along the lines of ‘watchful waiting’.
She hasn’t ‘come out’ although we assume she is gay. Doesn’t make a bit of difference to us.
We have recently been on holiday and it has become apparent that she has stopped shaving all over (and stopped waxing her top lip.) The amount of hair seems way more than just stopping waxing, and I suspect hormones may be involved?
All along I’ve been happy to leave her to it because the changes were always temporary. It’s become clear she wants to appear as male as possible.
All of this whilst not saying a word to us.
I am wondering- should I try and talk to her about it all? To me that would be almost like ‘outing’ her but it’s got to the point (with summer approaching) that she isn’t covering up now and it’s the huge elephant in the room.Would you still carry on like nothing is happening? Try and have a conversation- and if so- how? She’s constantly being mistaken for male now when we’re all together and it’s so awkward when no conversation has ever been had. I’m at a loss, so stressed and anxious for her because soon she’ll be going out into the world by herself when she starts college. And the world can be a cruel place (particularly in parts of the US, where we are living right now)
I’ve posted a few times now and value the advice I’ve had so far- help!

Oh gosh this must be really worrying.

I suppose taking the question at face value I would (personally) try to have a conversation. I totally accept that could be a hideous mistake but I'd probably do it. My priorities in the conversation would be telling dd

1. you want her to be happy and confident in herself
2. you love her completely and unconditionally in a way that is in no way dependant on her sexual orientation.
3. that to your mind both her body and her personality are perfect just as they are and neither need to be fixed or changed.

wear what you like
cut your hair how you like
sleep with any consenting adult who'll have you
but it seems (to me at least) that any path to happy well adjusted adulthood is going to come from accepting and loving yourself rather than trying to change or hide who you are.
Sex and gender identity are different things, gender identity is in comparison to sex, a fluid and nebulous thing and whether she ends up feeling like the labels cis woman, trans man, enby or agender, even cat or cake gender suit her best or whatever else doesn't require her to fix or change her body to try to match.

If she seems fine no i would not

The main worry for me would be the hormone issue. Testosterone isn't safe for young women, especially if bought online.
Can you have that talk soon?
Her 'style' is something you'd be fine with, I guess, but any drugs are potentially very risky and she might not appreciate that if lots of other kids are doing it. She needs to learn about the medical issues.