Yes! Earwax is slightly acidic (~6.1 pH) while acetic acid is more acidic (5% vinegar is ~2.5 pH) so the earwax acts as a base in this reaction.
ETA: there may be other things it is reacting with as well, like leftover soap, but this is how acid base reactions work. A chemical does not need to be above pH of 7 to act as a base. The more acidic compound will give its extra hydrogen to the less acidic compound.
people really trust a rando lemmy comment over the research that is directly in their face, and are ignoring the fact that this was recommended by your doctor lol