Several years ago on alt.baldspot, I asked Dr. Proctor about the benefits of hydration for the absorption of fat-soluble versus water-soluble substances; his reply was that although hydration assists the absorption of all substances, it probably benefits water-soluble ones more than fat-soluble ones. So I imagine that probably even spironolactone cream would be helped by that, at least a little.
But there's another question which interests me even more: to what extent (if any) is it even necessary for topical drugs to be absorbed into the skin in the first place, just to have a beneficial effect on hair follicles? What if it turns out that the main way these drugs get to the follicle in the first place is by a straight path down through the follicular canal? There's increasing evidence that such absorption via the pilosebaceous unit itself is a key part of the general topical absorption of drugs.