My Iphne Fell In Water The Only Defect Is The Earpiece I can Hardly Hear the Person Talking, Can That Be A defect after Taking Phone Out of Water

Water and iPhones are not good friends. Over time, you may well have more issues, up to and including the complete death of the phone. As Chattanoogan suggested above, make sure you have backed up the phone.

I'd schedule an appointment at your Apple Store Genius Bar for evaluation. Apple will not repair a phone which has sustained liquid intrusion. They will offer you an Out of Warranty replacement. The prices for that can be found in this link --> iPhone Repair - Official Apple Support

See Other damage (out of warranty) for your iPhone model.

Suggest you double-confirm that your phone is backing-up to iCloud nightly.

Your phone might well be living on “borrowed time.”

Good. That $99 option is a great value!

Nice! 👍