Ketoconazole definitely has antiandrogenic properties, I believe it binds to receptors as well as lowering T, it has caused sexual sides in some people.
However, for those having problems on nizoral, I would recommend Regenepure, or maybe just a really good, natural antidandruff/inflammation/fungal shampoo, coupled with an antiandrogenic topical such as spironolactone. Dr Lee's keto shampoo is also supposed to be easier on the scalp than nizoral.