Would it be possible to reduce the apparent size of my areolae by lightening the perimeter with hydroquinone cream?

From your photos it appears you would benefit from a breast lift. This would raise the position of the nipple and remove excess skin. The areola would be reduced as part of this surgery. If more volume was desired, an implant can be added as well. An implant alone will not lift the breasts.

If your goal is the third photo then you will need to consider more than an areola reduction. A lolliop lift could get you the results similar to the photo where you are manually lifting the breast. As an in person evaluation is always best, I encourage you to meet with a board certified...

From your photos it does not appear that a donut lift will be adequate for you. I encourage you to visit with a board certified plastic surgeon near you for a consultation. Here you will discuss your concerns and learn more about options. I've included a video on lifts that I hope you find...

In some cases an areola reduction can be performed under local anesthesia. I recommend first seeing a few board certified plastic surgeons for a consultation. Often times this procedure is performed when the patient is not a good candidate and the results are disappointing so you first want to...

An exam is needed to know for sure, but it is possible in general to reduce the areola size to 45mm. An areola reduction of any degree will still have risks associated with it. I encourage you to visit with a board certified plastic surgeon near you to discuss your concerns and learn more...

What you are describing is exactly the problem with permanent sutures for areola reduction or Benelli lift. While they may prevent re-expansion of the areolas, they also prevent natural expansion and contraction with temperature and stimulation, leading to puffing out. A solution to prevent...