I think it's not only upregulation of AR as we get old which makes Androgenetic Alopecia more severe, it's also cumulative exposure to even low levels of DHT (and both T and all other androgens ) over all that time. if upregulation of AR is huge problem, than, old people would have strong muscles, I suppose AR in all tissues would upregulate and they would have more juvenile body.
So, remember that finasteride block only 70-80% of DHT inside hair follicles, so the renaming part those 15 to 25% can also damage hair follicles, and that is what is happening for sure.
Another important thing is that as we get older, all cells in our tissues are older, they divide by much slower rate, there are less growth factors in our organism. We call that process senescence.