With this context, it seems as though correction-by-LLM might be a net win among your Deaf/HoH friends even if it would be a net loss for you, since you're able to correct on the fly better than an LLM probably would, while the opposite is more often true for them, due to differences in experience with phonetics?

Soundex [0] is a prevailing method of codifying phonetic similarity, but unfortunately it's focused on names exclusively. Any correction-by-LLM really ought to generate substitution probabilities weighted heavily on something like that, I would think.

[0] https://en.wikipedia.org/wiki/Soundex