Is it possible to fully recovery from trimalleolar ankle fracture / dislocation?

Yes. Many people are able to resume all their activities after fully healed and have gone through physical therapy. You may develope some arthritis down the road.
Yes. There will be some limitation of motion even with the best reduction of the fracture. You probably will develop some arthritis down the road. The younger you are the better for this type of fracture in terms of returning to activities. There is some residual swelling you will need to deal with as well.