So 25% of people recover in long term studies however some percentage of those people are thought to have schizophreniform which is more like a 6 month diagnosis so its hasn't been sorted out precisely. Most people experience remission for some period of time often with the help of meds but will relapse at some point and need to be stabilized. Some people do fully recover and go off meds but often there are minor residual hallucinations.

So my psychosis was considered too short for schizophrenia---it was about 1.5 months before I got meds but I still had intermittent hallucinations for I think like 6 months and then again briefly like a year later. Never got the sz dx but instead docs said I'll be fine and went off the meds 6 months ago no hallucinations. So people do get better... some though need meds to stay better. In that regard you commonly hear the comparison to diabetes where you aren't cured but you will live a normal life if you take insulin/meds. Its really variable and the long term studies are very few....