It is possible for the body to pull itself out of trouble eventually but their is a very big but and I wouldn't particular take my chances with it...
If you've eaten and you hypo'ed before the body has time to adsorb all the carbs in the food, and depending you haven't got too much excees insulin, the carbs will catch up and start to bring you around..
Most diabetics still maintain enough beta cells to signal the liver to dump it's store, (hence our ability to sleep through night-time hypo, waking to feel total poo with rocking BG's) but this again is very slow and may take hours to kick in... And the longer you are out, the worse you feel coming around... And it's success again is very depentant on the amount of active insulin, as if the liver dumps it's store and this is not enough to counteract the active insulin the not good news at all... And if you've still got alcohol still being processed by the liver, this wouldn't work as there would be no stores to dump...
By what you are saying, it sounds as some of your problems could be stacking your insulin with correction doses.. You make a serries of small corrections determined by your bg but forget to calculate how much active insulin is still left from either your last main jab or correction jab, so spare insulin builds and combins and hits at one go sending your BG plummenting easy done with injections..
For what you are saying, it sounds if insulin pump therapy would be a good direction for you, it would enable you a lot better control over your diabetes, pumps now have many wizards that enable better control/ correction as they can work out the amount required and carry 'Insulin on Board' (IOB, how much active insulin is still in your system) which will help to avoid insulin stacking...
As will this prevent you living on your own, that is your desision and something that you have to weigh up and decide if you comfortable with... I have lived on my own with diabetes in the past and I do know diabetics that do live on their own now, just depends on whether you are comfortable doing so..