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Why’s didn’t you push back when they said to wait. Tbh I would leave, feels like you’re getting taken advantage of
The three new people is a massive increase in capacity so if that’s needed, it makes sense that they invested there. But I would guess that your raise would only represent 2% of that spend - so it’s a little bit harsh.
You can, I just wouldn't expect anything to come of it. You'll likely hear the exact same thing you did previously, just in a brusquer tone. I'd be ticked and applying to other jobs.
I don’t have much advice on the matter, but I think your job may have a similar issue like mine. In my company, the money for new hires and the money for established employees are two separate buckets, and one cannot be used for the other. It’s unfortunate because management doesn’t understand that eventually new hires become established employees and everyone else gets less and less.