Hi F.,
Chances are she is aware.
I went into menopause at 35. Talk about changes! I've always been big on beauty, but when your body fights you sometimes it's easiest to give in and choose your battles.
Yes, now I have HAIR where I've never had it before - and clearly visible to all! 5 years ago I would have been mortified, and would have done ANYTHING to diminish/eliminate/hide it. But at this point I can honestly say I'm just not that concerned about it. With all the changes I've gone through, this one is purely cosmetic and has no impact on my health or happiness. (I'm still very surprised at my own feelings on this, I've was always super-concerned about looks)
If you were close enough friends with her, you probably wouldn't have asked this question. Yes, this could hurt her feelings. Maybe not, but unless you are comfortable bringing this up with her (or drunk! lol) you might want to let her make her own beauty choices. And with all the beauty advice and tips so easily available there's a good chance it's not that important to her either.