I've been T2 for around 24 years and was probably undiagnosed for a little while before that. I've had periods in that time, when despite my efforts and meds, my BG has been a lot too high - and consequently, I have neuropathy in one foot particularly and a smidge in the other.
My foot is pretty much dead now in that area (which I suspect is perhaps the point of no return), but on speaking with podiatrists etc. about it, they have suggested that it can be improved and reversed in the right circumstances. For example, short term levels of very high BG which are then brought under control can bring about a significant improvement in nerve pain.
So if you can bring your BG levels down to a near normal range, you may well find you experience an improvement - it's the high BG that does the damage, so it's a good incentive to get the numbers down. Since I got my BG under decent control about a year ago, mine certainly hasn't got any worse and maybe even a little better, but I've also had it a long while already.
But this is something to discuss with medics - and maybe the potential side effects of the med will be worth it if it can prevent you long term nerve damage. You can lose weight later, but once the nerves are damaged, they're not as easily fixed.