Your baby is very cute!
There are in fact ALOT of Yorkies with hair on their ears like this
My Yorkie Stedman has hair on his ears (I like it that way and don't shave them) - however, it's not quite as long as your baby's. I personally love how this looks and call it "Butterfly Ears" LOL
Alot of Yorkie owners shave the tips of their Yorkie's ears (this is also what they do in the show ring). I do shave the tips of my Yorkie Tatum's ears because I do prefer this look on her (I just happen to like it on her better than the longer ear hair). It's really all just a matter of personal preference
I think your boy looks absolutely adorable, ears included!
P.S. - You mentioned that he has a "wavy" coat - what is his coats texture? How does it feel? If his coat is "wavy" - he may just have what is called a Cotton coat