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Spironolactone doesn't decrease testosterone.What I'm trying to say is it is a legit and one of the best treatments for cis-males who want to remain male and don't want to resort to estrogen.
A balding person has, in general, high testosterone, LH, DHEA, and prolactin. Whereas, the levels of FSH and SHBG are decreased.
Now spironolactone decreases T, LH, DHEA, and prolactin, as well as suppresses TGF-beta1, inflammation and fibrosis - all these factors have been found to be contributing to Androgenic Alopecia.