I know we're not there yet, but I feel like we're about to break "garbage in garbage out" with AI.
But based on the results I see with automated software tools that only try to reduce noise, I would say we're no where near there and a really good solution would involve things that haven't been invented yet. I think we'll have manned trips to Mars well before you have a software solution that can emulate the sound of a moderately treated room with ~2ms of latency or less.
With that said, I think we're there today if all you want to do is help reduce the noise of an air conditioner so you can chat with a friend on Hangouts, Discord or Zoom. This is a scenario where audio quality doesn't matter, but not hearing an A/C or lawn mower is worth having the person talking sound like a choppy robot. You probably won't even notice it too much with earbuds.