Yes, and the link is well documented. Stress does not cause tinnitus in someone who has never had it, but in someone who already does it reliably raises the volume — both the perceived loudness and, more importantly, how bothersome it feels.
The pathway is straightforward. Stress raises sympathetic nervous system tone, which sharpens perception generally and tinnitus specifically. It also feeds straight into the limbic system, which is the part of the brain that tags the tinnitus as threatening. The more threatened your nervous system feels, the louder the alarm bell sounds.
The practical implication is that any honest intervention that lowers your baseline stress also lowers your tinnitus distress, even if the sound itself does not move. Ten minutes a day of something parasympathetic — a slow walk, a hot bath, paced breathing, a CBT script — measurably reduces tinnitus severity over weeks. Sleep is the other big lever; under-slept brains are louder brains in every sense.
This is also why a single bad day can make your tinnitus seem suddenly worse without any change in the underlying signal.