Please provide xrays. No, bone CANNOT grow back. Teeth may become so loose, they may not be able to function. Also, your gums may become swollen and infected. Hopefully with xrays, I can see your remaining bone and provide some options. Like Dr. MattKW mentioned, get an opinion from a periodontist. Beware, many periodontists in the US particularly in expensive cities see dollar signs and only want to stick implants. I would avoid the young ones who are exactly that because they have stacks of school loans and heavy initial overhead to pay.
About 3-4 years ago, I attended a lecture given by an older periodontist who would save teeth with compromised bone. I was so impressed that people could still keep their teeth for over 10 to 15 years after initial diagnosis similar to yours. Not everyone will be successful. If you are a smoker, quit. If you are diabetic, get it under control. You need to be meticulous with your oral hygiene and committed to recalls every 2 to 3 months.