I can only give my personal testimony but I haven't lifted now in about 4-6 weeks.  I really lost count.  I've been just taking daily hourly walks on the treadmill enough to get my heart rate from 135-150.  Do I know that running wind sprints is better?  Yes and I will certainly change over to that at some point.  I went to shoot hoops the other day and could really feel the extra weight in my knees so I decided no actual basketball games, and no sprints until my weight is more in the 240 range. 

Having said all that, I am not seeing any drop in my arm size.  I am low-carbing at usually less than 25g per day, down 15 lbs in two weeks, and it seems to be all in the waist.  My arms are still the same size, my shoulders aren't changing.  I am not eating ridiculous amounts of protein, in fact no protein shakes at the moment.  Just the TRT maintenance is maintaining. 

Now I'll probably start lifting again this week or next.  I've been crazy into NBA playoffs, and following the primary election cycle and just cutting down some time.  Soon I will lift and cut my walk to about 40-45 minutes, but the goal is to lean and any muscle I gain is just gravy.