There's nuance to it...
Sometimes AAs can be so powerful that it can overwhelm the system to where there are no noticeable symptoms of RH, and hair improves.
Regardless, no matter who you are, AAs will cause an INTENSE upregulation at the androgen receptor. The question is, is the reduction of the number of circulating androgens enough to negate the effects of said upregulatory effects? For some, the answer may be yes, however, for others, it may be no. That is why some experience more hair loss on AAs. Individual response will vary, not only based on the user's genetics, but on the type and amount of AA used! (There are many!)
The thing about estrogen is that it has some of the effects of a standard AA (reducing androgen ligands), except that instead of upregulating the receptor, it DOWNREGULATES the AR. That is why it can be extremely effective for some. By extension, and interestingly enough, increasing androgenic load actually downregulates the receptor as well (this is, in part, the reason why PFS exists).