As someone who recently took the plunge into wearing hearing aids, I can report that the better ones use different programs for different hearing contexts. By all accounts, hearing well in a noisy restaurant is the toughest challenge for hearing aids. I'm unfamiliar with the new Air Pods, but if what they do is to use an audiogram of your hearing to boost the needed frequencies, they won't be terribly effective in noisy situations like a busy restaurant. Hearing aids use all sorts of technology to improve hearing in that context, from changing compression ratios to redistributing higher frequencies to lower frequencies to changing mic directionality.
Hearing aids are notoriously bad for what matters most to us audiophiles: listening to music. All the attention has been paid to speech recognition. Audiologists don't even measure hearing above 8K Hz. You pay extra (indeed, handsomely, in my case) to get hearing aids that go to 10K Hz. (Less expensive hearing aids only go as high as 4K or 6K Hz.) Ironically, what characterizes a hearing aid's "music" program is the disabling of all the tech tricks I described in the previous paragraph.
So if $200 buys you greater pleasure listening to music, that's a screaming bargain. And if later generations of Air Buds incorporate more technology borrowed from dedicated hearing aids to address noisy environments like restaurants, things could get really interesting. From what I can tell, prescription hearing aids are sold at margins that would make even some boutique cable making companies blush. A shake up from new products like the new Air Pods is overdue.
On the other hand, one thing I've learned researching hearing aid technology is that hearing aids are only as good as the person who sets them up/programs them. Hearing aid forums are rife with complaints from people who spent thousands of dollars and yet hate their hearing aids. Everybody hears differently, and a good audiologist will work with you to adjust the programming to your satisfaction. Musicians and audiophiles are notorious for putting audiologists through their paces.