It's perfectly safe, been doing it for years. Not sure of the link to feeling better, but I only did it as a carry-on from visiting my grandparents. My grandmother always did it, said it cleans out better than Qtips alone, and keeps ear infections away.
I actually haven't done so in a while, but I didn't keep a schedule. I did it mostly if I still noticed wax build-up after a few Qtips.
Mt Snow, VT - May 5, 2012 - Completed!
...i remain, he who remains to be...