There's ALL kinds of info on IEM usage in this forum...
Sure, if you krank monitors - be they wedges or earbuds - you CAN damage your hearing over time.
The WHOLE point behind IEM's is that you get a far better [constant] mix, and get to keep the volume DOWN because the sound is closer to your ears. One of the "benefits" is that lower volumes will do far LESS (or no damage) to your hearing, unlike kranked wedges on a loud stage. They CAN be abused tho'
I have always recommended triple (or better) drivers (universal or custom) as single drivers tend to "distort" the audio, due to physical limitations of pushing the entire audio spectrum thru a single speaker over time. This in turn causes ear fatigue which cause you to turn up the volume so you can hear better, and so goes the vicious cycle, leading to hearing damage.
If you have ANY kind of ringing in your ears after a gig.. your listening levels were too high!
Triple drivers split the audio spectrum so each driver focuses on specific frequency ranges and delivers that range more efficiently. Less distortion, less fatigue and better quality audio.
Still. garbage in won't help. You need a decent mix in all of this.
Also.. it is IMPERATIVE that if you are using a WIRED IEM system that you have brick-wall LIMITER [somewhere] ahead of your buds. Most wireless IEM systems (I say "most" because I don't know that "all" do) have built-in limiters. The cheaper units are fixed, and the more expensive units have adjustable [threshold] limiters.
In conclusion, I would NOt say that IEM are intended to "mitigate hearing loss", but if one gets educated on the topic and buys decent gear, it can help with that.
Do NOT cheap out on buds or wireless gear.