(Typing this instead of the work I need to be doing.)
I haven't really read up on this topic responsibly, but for anyone interested, I would suggest breaking this into two questions: short term (on-cycle) effect versus long-term effect.
Short term, I think there's no question. Water retention alone impacts facial appearance a great deal, and depending on what you're running, you can alter your skin tone, too. I've got a current BJJ training partner whose face I can read like the phases of the moon when it comes to his cycling.
Long term to permanent, the answer appears more complicated. If one starts young (teens, early 20s), there may be some actual structural change to the bones. It's still modest; we know this from (albeit) observations on gender transition patients. By contrast, we know a *ton* about the effects of hGH on craniofacial development, and they are far more profound. You'd need a backpack full of the best and worst Soviet-era rocket fuel to approach the impact of growth hormone.
I think the most realistic, longer-term facial appearance changes would simply be thickening of the skin. It happens to everyone on gear long enough. For a decent proxy of how thick your facial skin is, pinch your nostril (thumb inside, forefinger outside). A small change to that can have a huge impact on how you look, or it can do very little. (Interestingly, that speaks more to the human brain's sensitivity to processing faces, which it handles differently from every other object in nature, than it does to whether the epidermis itself is altered. Neat, huh?)
One interesting hypothetical would be oddly persistent hypertrophy of some facial muscle. Until recently, with the proliferation of dipshits online, no one trained their masseter or buccinator. Still, no one trains their temporalis. All of those tend to scale with overall muscle mass, sort of like neck musculature. I would love to see someone with quirky genetics that made them especially androgen sensitive and recalcitrant to atrophy.