Yes. This is what my hearing aids do. Three microphones on each side, an accelerometer, and they communicate with each other. I have a directional cone in front of me. The sounds behind me are significantly muted. In lecture mode, the most prominent voice is localized in space and everything else muted. I can have people talking fairly loudly behind me and I'm unaware of it, in that mode.

But it's not magic. It provides maybe 5 to 10 dB of SNR improvement? Just like the machine-learning based noise suppression. I'd estimate another 5 at most 10 dB there. (Manufacturer claims 12 dB. They're optimistic.)

That's a meaningfully helpful improvement. But I'm still mostly lost in noisy environments.