Definetly think there is something in it. Some of it might be superficial though and more narcissism because of the propensity for gear to boost your ego and make you feel bigger and more superior.
That being said, sure. Something must be there in terms of a woman being able to identify a man with increased levels of testosterone. I read somewhere that pheromones are released in sweat which are related to testosterone, this on gear will probably amplify the effect.
Higher levels of testosterone is linked with increased dominance, aggression, pronounced masculine features and facial hair, mature genitals etc, increased risk taking which can lead to dominant traits. So it would be fairly obvious for a woman to correlate all that and assume the man she encounters is more of an ideal mate than someone who appears to be the opposite of such traits.
Then again, attraction is not solely governed by testosterone. Mature women are more likely to seek out stability and reciprocity in terms of providing and caring, understanding, comforting, rearing children etc. Very high levels of testosterone can interfere with these areas as well, a man I'm describing may have a hard on for every woman he sees, may be tempted to take more risks and therefore cheat and prove untrustworthy. Sure, a woman might enjoy the dominance in the bedroom and enjoy the temporary satisfaction, but over time, does the increased levels of testosterone produce a longterm stable committed relationship that most stable women want? Can she be sure a man is honest and integral? Do any of the fairly superficial primitive traits produce returns than ensures something that has a high chance of success? Her man may be a gorilla in terms of primitive biology, but is he also human in terms of being grounded, stable, sane, committed, sensitive etc? That is the question.
If a woman can't connect with a man who is disconnected through high levels of hormones that numb his emotional capacity and make him more aggressive and primitive and wild it may be no surprise if she goes for the guy who has baseline (if not lower) levels of testosterone who she feels she can connect with and establish a stable relationship.