I have PCOS and I've just started on Metformin two months ago. Everyone's symptoms are different, but I never experienced hair loss. Just the acne, belly fat and awkward hair growth. I've also changed my diet (clean eating) and exercise 5x a week. I've noticed that has helped alleviate some of the symptoms and I've dropped 20 lbs since August.
Really, your best bet is to change your eating habits (avoid foods high in sugar, carbs and starches) and do some form of exercise to drop weight. It'll help immensely.