This study investigated whether hearing loss and cognitive function modulate benefit from different binaural noise reduction (NR) settings. Listeners with either mild or moderate hearing losses and either larger or smaller working memory (WM) capacity participated. Outcome measures included speech recognition with a concurrent visual reaction time (VRT) task and overall preference. All measures made use of headphone simulations of a busy cafeteria. Speech and VRT scores showed neither positive effects due to NR processing nor any group differences. Preference scores indicated that listeners with smaller WM capacity prefer stronger noise reduction processing.