I don't really want to get my hopes up and then get depressed when it fails but reading through all the other biomedical companies, FX-322's mechanism of action makes the most logical sense. Other companies, which I will not mention but you can easily look at on Tinnitus Talk, has questionable mechanism of actions (ahem anti-oxidant protection

).
With that said, tinnitus correlates with 50% of hearing loss victims. It's not a causative effect but a symptom along with hearing loss. Restoring hearing might or might not help tinnitus symptoms. Hell, my father has moderate hearing loss with zero tinnitus... But one can only hope it does help with tinnitus relief.
If we subscribe to tinnitus as a symptom to hearing loss; that is related to the damage/death of inner and/or outer hair cells. Then, restoring the inner/outer hair cells should reduce/eliminate the symptom if it is treated in the area where damage is present. Right now, we know that to be 8Khz to higher frequencies.
We have evidence unfortunately from members of this forum that tinnitus from noise tends to get worse when new damage takes place. Either a certain tone/sound gets louder, it becomes more "widespread," or multiple tones become present. So, we might accept that new hair cell death/damage is the source for these new symptoms.
We also have evidence from members on this forum, where a new tone/louder sound fades over time. The assumption is something healed. We also have evidence where hearing in a pure-tone audiogram is restored to a baseline over time. So, to an extent, the cochlea or hairs perhaps heal, and by healing the tinnitus symptom is reduced/eliminated back to a familiar baseline.
We also are aware from Carl LeBel on the Tinnitus Talk podcast that there were anecdotes of tinnitus improving from participants of the Phase 1/2 that were treated with FX-322. If I recall correctly, these anecdotes were received by ENTs of the participants, and likely relayed to Frequency Therapeutics.
It stands to reason that FX-322 might help treat tinnitus symptoms by repairing the cause; dead/damaged hair cells. Now it might certainly help some more than others, depending on the depth of damage in the cochlea causing the tinnitus (ie: What "tone" the tinnitus is.)
I personally would argue that if say, your tinnitus is a tone that FX-322 can't quite hit.. let's say it's 4Khz, and FX-322 can only restore down to 8Khz. You still may gain a benefit by the amount of restored hair-cells providing new signals to your auditory nerve. I am presuming that many with tinnitus have some level of wide-spread damage, even though they may not experience a tone at that site of damage. Therefore, increasing the number of new signal-providing cells may reduce the severity of the symptom.