Assume that $H$ is normal in $G$.
If $G/H$ acts non-trivially on $\rho$ by conjugation then @SashaP has given a counter-example in the comments to this answer.
$\DeclareMathOperator\GL{GL}$If $G/H$ acts trivially on $\rho$, then your guess is correct. Consider the diagonal map $\Delta : \GL_n \to \GL_{n \cdot d}$, then there exists an element $\alpha \in \GL_{nd}(\mathbb{C})$ such that
$$\Delta \circ \rho = \alpha \circ \widetilde{\rho} \rvert_{H} \circ \alpha^{-1}.$$
Since $\Delta$ is a closed map, it induces an isomorphism $\overline{\rho(H)} \cong \overline{\widetilde{\rho}(H)}$.
Now it suffices to show that $\overline{\widetilde{\rho}(H)}^\circ \cong \overline{\widetilde{\rho}(G)}^\circ$.
If $G = \bigcup_{i} g_i H$ for some $g_1, \dots, g_d \in G$, then also
$$
\widetilde{\rho}(G) \subset \bigcup_{i} \widetilde{\rho}(g_i) \overline{\widetilde{\rho}(H)},
$$
hence
$\overline{\widetilde{\rho}(H)} \subset \overline{\widetilde{\rho}(G)}$ is a finite index subgroup. In particular, $\overline{\widetilde{\rho}(H)} \subset \overline{\widetilde{\rho}(G)}$ is open and closed. It follows that there is an isomorphism of identity components
$$
\overline{\widetilde{\rho}(H)}^{\circ} \cong \overline{\widetilde{\rho}(G)}^{\circ}
$$
as desired.