I don't think there is a clear answer to this question. I think finasteride keeps inhibiting a certain quantity of DHT and that it remains unchanged over time if the dose taken remains unchanged as well. So, we can't really say that finasteride is "losing effectiveness" but rather of our bodies "getting used to it" and making the AR more sensitive or the male pattern baldness becoming more aggressive over time just as you said.
In the end, just like for a lot of Androgenetic Alopecia related questions, we don't know, we're speculating, and we're ****ing confused as hell. Sorry ! I hope someone has anything to add to this.