The graphs are showing that DHT increases linearly with testosterone up until ~700-800 ng/dL, above which enzyme saturation becomes noticeable and you get decreasing amounts of DHT for each additional unit of testosterone.
Now suppose that daily cypionate delivering 10 mg of testosterone per day yields a total testosterone of 800 ng/dL with minimal variation. But daily propionate delivering the same amount of testosterone can cause very large hormonal swings, at least in some, upwards of 50% above and below the average. So with this figure the peaks are about 1,200 ng/dL, leading to suppressed DHT production around that period, pulling the average below that of cypionate.
Originally, after looking at some of the dose-response curves in the literature, I didn't think that daily propionate would give that much variation. But since then I've seen trough measurements for myself and others here that indicate large excursions below the expected averages. These lead to predictions of peaks that are almost as high above the averages. I also recently took a two-hour post-injection measurement and found it 33% above the predicted average, further evidence of large oscillations that some may experience with propionate, particularly at lower doses, which may have shorter apparent half-lives than larger doses.