Am I correct in assuming that the only way to create 'wiggling ears' in iClone would be to create an 'Ears Forward' head/character and an 'Ears Back' head/character in CC and then morph between the two in iClone?

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there are other ways to do it,  but the one you just described is probably the simplest.

other ways are -  rigging extra bones - most difficult
adding ear models over your current ears ( that's ghetto fast lol )  - duct tape ez lol
or exporting the head mesh and using a software like sculptris to manually create morph poses. - intermediate. 

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