First lecture in law school, it was civil law, our professor said "First things first, if anyone ever asks you anything about a legal matter, the only answer you can give is "it depends". Turns out that's not just true for law. Human physiology is a fairly complex thing and adding hormones and other things exogenously has a tendency to blur the lines somewhat.
This is very much oversimplified, but broadly speaking, net protein accretion equals protein anabolism minus protein breakdown. We know that anabolic steroids affect both sides of the equation in our favour.
For a natural, there certainly are ways to avoid excessive muscle protein loss during times of hypocaloric dieting, probalby most importantly high tension training and high(er) protein intake. However, don't even begin to think about putting on any lbm during that time. Exceptions exist (beginners with high bodyfat who start working out and dieting at the same time), but I guess you all know what EXCEPTION means. In times of a caloric deficit, you have things like AMPK (an enzyme that sense cellular energy status) that pretty much shuts off protein synthesis in times of acute energy deprevation. On the other way you have mTOR with all it's downstream effect on anabolic hormones and it's primarily activated by movement under high muscular tension via FAK/PA and nutrient intake (esp. leucine). In turn, energy restriction pretty much shuts down mTOR - no protein synthesis for you. Recomp diets like Leangains cycle a short term (1d) caloric surplus with a short term (1-2d) caloric deficit. It works, but past a certain point it's agonizingly slow.
While steroids simply override certain parameters that naturals have to worry about (especially something like muscle protein with lowered protein intake in the context of a hypocaloric diet), I'd take the cop-out answer and say: It probably works up to a certain point, but you're probably not using your full potential for growth on low(er) kcal/protein. Maintaing is a different question.
You really should post more on here. I've seen some great posts by you lately.