Yes, but 'faded' isn't 'fading'. (Sorry, I wrote 'fading' too in my last post).
Well, look, they're different words. You can have a faded shirt, but that doesn't mean you've lost your shirt. This applies less to youth. But it depends on the context.
Concerning youth, if you're trying to remember your lost youth, it's your full youth you are trying to remember. That's different from trying to remember your faded youth. Let's say you're 70. If you remember when you were 20, you remember your lost youth. But, for some reason, you might be remembering when you were 35, at which time your youth may have been faded. You would be remembering your faded youth.
It's a subtle point. Actually, so is "lost youth". You can be 70 and remember when you were 50, remembering that at that time you had lost your youth, while not remembering your youth at all.