I think you can adapt. My hearing is affected through menieres (although it fluctuates) and the last hearing test I had was borderline hearing assistance (so escaped for now).
I've adapted over the years and am not bad at telling where sound is coming from though Sqad is probably better placed to say whether my kind of hearing problems would be affected by this anyway.
There are always lots of sirens going on round where I am, especially on my main route in and out of town (main route in and our main hospital based on it) and although I sometimes have to concentrate to work out which way they are coming from, I'm usually right. I think I've maybe learn to be more alert and compensate as so much goes on around here, it's partly a safety thing.