If i am able to reduce my type 2 diabetes and keep it that way, does that reduce the risk of complications and everything else bad that is associated with type 2 diabetes?

The better your long term blood sugar control is the less you are likely to have the long term complications. Think of your sensitive tissues (eye/kidney/heart/etc. ) like you would be living in an environment. BS range 70-120 would be like temperatures 50-100. You both do well when stable. Too high or low temps is a problem for you & the same for sugar levels & tissues. Damage occurs at extremes