The 38-year-old Briton, who has won a record eight times at his home event, made light of his disappointment despite running with an updated front wing on his car in a windy and turbulent session.
Defending double world champion Max Verstappen topped both practice sessions on Friday for Red Bull while both Mercedes men struggled, Hamilton 15th and team-mate George Russell 12th.
"Balance is the big challenge here," said Hamilton. "It has been very windy, but I love it and it is one reason why this is the best circuit in the world.
"We will be doing a lot of homework on the balance tonight and with Mick (Schumacher) in the 'sim' (simulator)."
He added that he could not pretend that his car felt much improved with the latest upgrades.
"There was no real difference in impact with the different tyres over a single lap and that usually means we've got problems – the same as last time," he added.
"It's just difficult to drive. George (Russell) and I have talked about it and we can't find a quick solution. This track is all about compromise on balance."
He said his car did not feel "too bad" on long runs and that was, at least, something positive.
But asked if he could justify any hopes among his fans for a ninth Silverstone victory, he said, with a smile and some irony, that it was always possible to hope.
