Good morning!
This is a common question and you are absolutely right when you say that owners handle it differently.
I suggest that you talk it over with your vet. (S)He can show you how to pluck the ear hair and tell you if it is necessary.
Personally, I don't pluck the hair. My Labradoodles and Goldendoodle don't have an excessive amount and my Poodle has a TON of it, but my vet said it is not growing in his ear canal. She said that she didn't see it as a problem for him.
That being said, it does sometimes mat and I have to clip it down.
The reason that I have decided not to pluck his hair is because we live in the mountains and he plays outside a lot, rolling around in the dirt. He comes inside and I always check his ears because often a burr or stick or something has been found under his ear, near the hair of his ear canal. I believe that if he didn't have that hair, much of this harmful stuff could end up INSIDE his ear. I believe it protects him.
Now...about the cleaning. I wouldn't use baby oil. I think that oil would retain moisture and not be a good thing. That is why people use products that dry quickly and even powders.
If you pluck the ear hair, the powder will help you grip the hair too.
The commercial products are often made to ward off infection. I use an over the counter cleaning product that you squirt directly inside the ear canal then massage it in for a while, then using a cotton ball, I wipe the excess out. Next I follow up with the drying product that goes in as a thick liquid, but as I massage it in, it turns to powder to dry out the ear.
I like this product because it smells good too.
You can use homemade versions, often containing vinegar.
Be sure, no matter what you decide to do, that you clean your pups ears at least once a week (more if you are in wet climates) and that you smell her ears daily...the scent (sour) is usually the first sign that there is an infection beginning.
Hope this has helped. Good luck!