calm down, worrying doesnt help, trust me I know. My oldest is 2 1/2. He has a moderatly severe hearing loss in his right ear. His is due to clefting issues and the fact that his right ear is smaller than his left and his R ear canal is TINY. they have tried 2 times to get a tube in his R ear with no luck. he is getting his tonsils out next week so they are going to try again, his ENT and the Otologist both think that his ear canal has grown enough to get one in. There are different kinds of hearing loss. The audiologists hooked my son up to this special machine to test his permanent hearing, which was fine, Thank God, and they say his hearing loss is anatomical. So, we met with the Otologist, which is like a super specialist ENT but they do only ears, and he said before we do a hearing aid lets try one more time for the tube and if it doesnt work then we'll do the hearing aid until he grows more. He also has a lot of speech issues, but most of them are due to his cleft lip and palate, both of which have been repaired. but because of that he has a hard time with "m"s "b"s and "p"s...he has a really good SLP though. Not sure if any of this helped, I just wanted you to know that I totally relate to what you are going through!! The GREAT news is that they found it early, he can get speech therapy if needed, i think he would benefit from it but i'm not a professional, just a mom. good luck!
ETA: anytime there is a failed hearing test and speech issues it is something to get checked out, the speech you are describing is not normal. also, if you are really worried, ask to have an appt with an Otologist, they are the experts and can give you more information