MnF is widely regarded as a candidate altermagnet, but the magnitude and implications of its altermagnetic band splitting remain debated. Using electronic-structure calculations, we construct minimal models that capture the magnetic and electronic properties of MnF. These models show that the parameters governing the chiral magnon splitting and the spin splitting of the electronic bands are relatively small. Moreover, the electronic system lies in the strong-coupling regime, where most magnetic properties are controlled by the ratio between the characteristic hopping amplitude and the large on-site Coulomb repulsion . Consequently, all exchange interactions scale as , so a small altermagnetic hopping produces only a proportionally small exchange term. Upon doping, the altermagnetic contribution to the anomalous Hall effect is likewise suppressed, being smaller than the conventional (non-altermagnetic) contribution by a factor of order . In contrast, the behavior of the conductivity tensor at differs qualitatively, because enters the energies of interband optical transitions \emph{directly} rather than through the reduced ratio . This contribution strongly reshapes , leading to a dramatic enhancement of the magneto-optical response.

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