In theory, it shouldn't because skeletal muscle barely has any 5ar activity at all. On the other hand, even if it had, Dht formed there would rapidly deactivated by 3bHSD enzyme (the C3 ketone would be hydrogenated).
In practice, I'd say that lacking SNC androgen related stimulation results in less strength and agression on the gym (i.e.: you are more likely to be a pussycat when confronting the weights). This indirectly might lead to less anabolism.
On the other hand, less Dht leads to less muscle hardness and definition. If you want to look hard with pretty abdominals, I can tell you that's gonna be more difficult if you have low Dht levels. In my case, since I began taking dutasteride I have experienced this bothering puffy-belly effect.