Since runs coolant through it then use a substance that breaks down calcium deposits. I did use vinegar once a long time ago, but not on a part like this. I don't think that vinegar would break down the wax or anything so it should be ok. What is it doing to make you think it needs cleaning?
And yes, this is a mechanical idle speed device. Cold water makes the wax open a valve to let more air past the throttle, and when the water is warm it closes up.
Mine wasn't closing properly and started to cause my car to overheat because it kept the revs really high. I ditched it and got another one from a wrecker.
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