I suppose you could say that. An enzyme named 5-alpha-reductase is responsible for the conversion of testosterone into DHT, and there are 2 types of 5-A-R. Propecia only inhibits Type II 5-A-R, and for that reason is not completely effective against male pattern baldness or acne. Avodart inhibits BOTH Type I and Type II 5-A-R, and thus there are many people out there speculating that it may prove helpful in the fight against both acne and hairloss (I will defer to Sweetjade or anyone else who wants to refine this discussion of Avodart's scientific operation).
The FDA is currently conducting trials regarding efficacy against hair loss. I do speculate as to why they aren't conducting trials regarding efficacy against acne. Could be because they know some reason why it won't work. Or it could be because baldness is a higher priority based upon potential profitability. Not sure.