Hi.
Long story short. I'm like you; I have bilateral hearing loss and tinnitus brought on by too much clubbing as a youngster and too much playing with high explosives during my more grown-up years. I applied to Generation Easy Jet a few years ago and got an offer and place on a course on completion of my class 1 medical. Shock horror, I failed the hearing test. But passed with flying colours (excuse the pun), everything else. At the time, I held a PPL, class 2 medical, unrestricted and around 120 hours of flight time flown in constricted airspace under radar control.
As mentioned, once you lose your hearing, there is nothing you can do to get it back. It's gone. And the chances are that the degradation in your hearing will worsen as time passes; age-related hearing loss is a real possibility. My conversation with the AME and CAA medical department at the time revolved around the fact that I already had a license and medical. Therefore, I could be assessed while wearing hearing aids. The end result was that they denied my class 1. Which at the end of the day, was the right call for my long-term health and protection of my hearing.
The AME was very down-to-earth and honest with me. He said if I was just a revalidation of my class 1, wearing hearing aids wouldn't be an issue. However, because it is an initial class 1, hearing aids would not be accepted. He mentioned most people who wear hearing aids manage fine on the flight deck; they turn the volume up on radios. Modern hearing aids are getting better and better. Mine fit inside my ear canal, and you can only see them if you're looking for them; I can Bluetooth my phone to them, and I love listening to Spotify in boring meetings.
Now, to answer your question, should you give up on your dream? Never give up on it. Go try to get your class 1 and see what happens. But maybe delay your training until you have qualifications in a secondary job field so that should the worst happen, you can start a second career.
Things for you to think about.
1: Aviation is a noisy business. You'll be exposed to high-frequency noise that can further damage your hearing.
2: Trust me, you don't want to lose your hearing at a young age. The effect on your mental health is huge! Untreated hearing loss can cause the early onset of dementia, anxiety and a whole raft of horrible side effects.
3: Wear hearing protection in any noisy environment.
4: Go get fitted for hearing aids; you'll be amazed at the sounds you can no longer hear that hearing aids will allow you to hear again.
Good luck in what ever you decide to do.