If you dream of hearing loss, it means you can’t receive auditory stimuli. You have one less stimulus to process data about your environment.
If you can hear in real life, but dream of hearing loss, it can mean you are tone deaf. You hear but the data does not end inside your brain. The stimulus slips through the gap and does not become a useful piece of information for you.
If in real life you chose to ignore certain information, you have turned off responding to communication. If you chose to ignore a channel, you might wish to use an alternative channel.