Amplification only compensates for elevated thresholds, not other perceptual deficits from hearing loss.

Evidence

These studies on impaired hearing have all, to various extents, attempted to control for the reduced audibility experienced by the listener with hearing loss. That is, when possible, sounds were presented at audible levels or reduced effects of audibility were considered when interpreting the data. The perceptual consequences we have discussed here are generally assumed to be unrelated to reductions in audibility, although in some cases audibility cannot be fully discounted as a driving factor. Because of this, simple amplification would not be expected to improve or compensate for most of these deficits. In fact, the elevated thresholds of the impaired listener are the only deficit that can be compensated for by an amplification device, like a hearing aid. — Jennifer Lentz, Psychoacoustics- Perception of Normal…, 1708