SHBG is produced mostly in the liver. DHT is known to lower SHBG hence why more 5ar activity in the liver could possibly help. Personally when I trailed TRT for a few months not even exogenous Testosterone lowered my SHBG that much. Only by a few points...
I am just speculating to what 5ARI's could possibly do. High SHBG is an issue with me too and is one of the things that holds me back. I have good T numbers but my free androgen index is not great.
However, SHBG can be raised for various other reasons so again, just speculation.