That's highly dependent on the doses involved. DHT can inhibit aromatase, so at high enough levels there could be a noticeable effect on estradiol, but still nothing like a dedicated aromatase inhibitor. The dose of hCG also matters. At lower doses the HPTA may not be fully suppressed, implying some of the testosterone production is stimulated by LH. In this case high enough doses of DHT could have a suppressive effect, which in turn would reduce LH, leaving only the hCG to stimulate testosterone production. This could in theory cause a measurable decrease in testosterone and estradiol. My best guess is that with typical hCG monotherapy and physiological DHT dosing there would not be dramatic effects on testosterone and estradiol. Nonetheless, given hCG's notoriety for increasing estradiol and DHT's opposition to estrogen in general, there is some likelihood of positive subjective effects.