Will hair come back after lowering testosterone levels?

I would need to know more of your story, see your scalp up close and review all youf blood tests before answering that. You require a full endocrine work up including evaluation of free and total testosterone, DHEAS, androstenedione, estradiol, LH, FSH. The history of sudden onset of rapid hair loss over two months should not be attributed to a hormone pellet placed 8 years prior with a full and complete work up to fully and completely rule out other potentially very serious causes of increased androgens in post menopausal women. Any female with testosterone levels three times above baseline needs a thorough and very detailed specialist evaluation.

Female hair loss is a complex topic, and your case may be even more nuanced than the space in this forum allows you to explain.  Testosterone can cause some permanent hair loss, but that does not mean you cannot recover and substantially improve your current level of hair growth.  
The best thing to do is to go to an experienced hair doctor or dermatologist.  Find someone who does NOT try to sell you a procedure or treatment, but seeks to give you an accurate diagnosis so that you can evaluate what treatment options are right for you.
Plus, as a woman who has experienced this herself, I know how tough it is to go through.  You are not alone. Good luck!