Hi Green Tabs, welcome to PC. I am 34 and have been experiencing a reduction in hearing since somewhere in my teens, accompanied by an upswell of tinnitus. Now, I'd say for the last 8 years or so it's deafening pretty much most of the time. I can't hear anything, can't follow conversations, etc. Finally, after spending nearly all my time in the audiologists' offices last year, I got hearing aids for both ears. It hasn't made all my problems go away but it's made a hell of a difference, both with the hearing loss and the tinnitus.
Here's what I know from my own personal experience, and from what doctors and specialists have told me. There is no reversal of either hearing loss or tinnitus. In fact it is the opposite; both of these conditions are usually progressive. And I know that, when combined with mental health diagnoses - I have the same ones as you - it can paint a pretty bleak picture. Sometimes I think I'm going to go stark raving mad from the contant buzzing. I feel like the hope of ever fully being part of a community is shot because I can't keep up with what is being said at any given time, even, in certain settings, with the hearing aids.
There is a type of therapy called tinnitus masking, you could find out if they have it where you live. Basically it teaches you how to better live with tinnitus. I don't feel like it would benefit me, as I've taught myself every coping strategy in the book over the roughly 20 years I've had it. But it may be of help to you. Also I would offer that if you ever need anyone to talk to about it who's been there, feel free to PM me, any time.