No, no, no.
It works like Daredevil. Because you only have one ear, the other ear becomes super-heary to compensate and you can listen even harder!
Like if you have only one ball, your other ball makes super sperm and you get all the ladies pregnant.
Or if you have only one eye you automatically become a badass pirate.
Or if you only have one foot you get to wear two socks on it.
Short Answer: If you only had one hand, you'd wave so good. Also, high-fives would become tremendous because they're the only five you've got left.