When you're wearing an Earring of the Solstice and a Xanthe's Earring of Nature, this is a nice little upgrade. But if you want to compare to tier 4 gear, then yes. You're correct. It's crap. But it's still better than what she had, so why sweat the small stuff?
Also very comparable to Saryrn's earring https://everquest.allakhazam.com/db/item.html?item=17852 from 2nd tier. In fact, worse when you factor in the effect (assuming a Druid would be using). I agree with Rhyoss; this earring is crap for 4th tier.