Episode 243: 243. Can Testosterone Improve or Treat Depression?
From a mean score of 45 points at baseline, mood improved by about 5 points in the placebo group and 6 points in the testosterone group — a statistically significant but small difference. I think you will be hard pressed to find anyone that thinks this is clinically significant except for maybe the authors of the paper when they write that it is beneficial in their conclusion
https://academic.oup.com/jcem/advance-article-abstract/doi/10.1210/clinem/dgae026/7516050?redirectedFrom=fulltext&login=true