Thats exactly what is happening here but might be more issues as well IMO. My SHBG is also high. My job is tough as nails psychologically where 99% fails so always battling with huge stress and been doing that for decades. Now underfed and overtrained is a really bad state and a lot of folks fall into this category. I'm always been high carb guy and got lean and shredded without much problems using test. Now 3 years training with lowT made it a lot harder and pretty much impossible for me to get into the shape i want without wrecking myself over. Mind you I still get leaner and more ripped then 95% of my gym but I wanted to see if I can get shredded doing what I know that works for me. So being overtrained and underfed wrecked my hormones badly and pretty much made them all tank below the range. Libido, brain health and bone health suffered, obviously. Now I'm 2 months in my offseason phase, eating freely, up 5kg and feeling waaaaay better. Libido, bone health and brain health all improved. Hormones went up, SHBG down but just a small fraction and I was still a legitimate candidate for TRT. Started 10 days ago fwiw.
P.s. I also work graveyeard shifts but small fraction per night, so get my sleep in, even though not perfect it helps. As if you aint sleeping, or your sleep hygiene is not optimised, your hormones and overall wellbeing will be shot and you will feel like a piece of crap especially if you on a low carb diet, in the deficit and overtraining. Plus if you also do low fat diet that will also kick you in the head and properly fwiw.