Does menopause lead to slow growth and/or loss of body hair i.E. Leg and arm pits?

Yes. Menopause does cause a decrease growth of hair in several spots-legs, armpits and even pubic. Some women get a fine mustache and others get thinning of the hair on their head. This occurs along the temples and at the crown of the head.
Yes. Menopause also causes lower testosterone levels which affect your body hair. Testosterone is produced in the ovaries (which are no longer working in menopause) & in the adrenal glands which slow down with age as well.