I believe it can and I have been 98 percent cured
Mine was severe in that it crippled my life and I couldn't function normally but I got over it through exposure. Its what they recommend for other phobias. Its the only way you will develop your social skills and learn that your perceptions of yourself are usually wrong.
Its easier said than done I know everyone suffers to different degrees but id recommend it. I really really struggled at first and lots of times felt like turning back and hiding away again but if you really want to get over it you need to put the hard work in to get the benefit.
I don't think medication or therapy can cure it only exposure can. Those things just make it easier to deal with the situation but don't improve it.
Having said that though they might be a good way with helping you along the way to exposing yourself to more social situations so Id recommend trying them.
It took me years its a slow process but its possible so don't give up if its what you really want.