Short answer
Yes. A water eject tone is ordinary audio played at normal volume, like music. Keep the volume around 70–80%, avoid long runs at maximum, and stop if you hear harsh rattling.
Your iPhone speaker is designed to play bass, voices and alarms all day. A 30–60 second low tone is well within what it handles. What causes damage is extended playback at maximum volume, especially bass-heavy audio, which heats the voice coil.
Safe-use checklist
- Volume 70–80%, not 100%
- 30–60 seconds per cycle, a short pause between cycles
- Speaker facing down
- Stop if you hear loud buzzing or rattling
What's riskier than water eject
- Hair dryers and other heat sources
- Compressed air into the grille
- Poking the holes with pins or cotton swabs
- Rice (Apple advises against it)