ELLEN! Ixnay on the pointingay of inconsitentays! Or... Something.
Anyway, yeah, V5 seems to vary wildly in terms of how much it affects hair length. I try to be consistent about it, but then I wind up being like "well, it would look better if" or "the contrast would be better if", etc, and consistency goes out the window. Way to get into mathematical precision, ART.
The body hair part is something that rarely comes up (mostly because the phrasing gets awkward, and the subject gets awkward, and I rarely draw it anyway, so that's awkward), but the male and female transformations both tend to default to a wide range reduction in that regard. It can be customized, sure, but it's doubtful Tedd thought to himself "I'm going to make a conscious manual effort to make sure leg hair stays when men turn into women".
On that note, Ellen's physical form is based on V5, and a side effect of that is that she never has to shave her legs. That said, I don't care for the word "has" in there. I mean, it felt grammatically correct, but no one should feel obligated to do that unless they want to.
On the flip side, if, as a completely random example, a man wants to shave their legs for whatever reason, possibly because they find it feels super uncomfortable not to (as another completely random example), then people should be cool with that, too.
...I'm tired and possibly a bit out of sorts while writing this, but I'm pretty sure "we should generally be cool with one another" is something people can get behind, right? Right? Well, whatever. I'm going to sleep for a week or two. Or about 8 hours. Whichever happens first.