Yes, to some extent. Halodrol, being a 3,17-diol, will bind to the androgen receptor before it converts to OT. Therefore it's a little more androgenic & a little less anabolic than OT. This holds true for all the 3,17 diones & diols. 4-AD for example as well, binds to the AR before converting to test, so it's slightly more androgenic than test.
So basically 3,17 diones/diols are active VERY LITTLE before they convert. This changes their profile a little from their parent.