For a SHAMAN specifically, it depends on what you are doing, and if you have Torpor.
Pre-Torpor, Max HP is great because you want as many opportunities to be under 100% HP as possible. More HP = More Regeneration = More Cannibalize. So The extra HP is probably worth the AC loss.
Post-Torpor, Max HP isn't very useful in Solo/Group situations. This is because Torpor and Slow will already keep your HP pool at safe levels MOST of the time. Max HP is still useful on the initial pull, before mobs are slowed, but it becomes useless when the mobs are under control.
I prefer AC over Max HP on my Torpor Shaman for Solo/Group situations, since that will benefit me throughout the entire fight, instead of just at the beginning. That makes the -30 AC on a pair of these earrings a deal breaker for me. If I want +10 MR, I can get
https://wiki.project1999.com/Earring_of_Essence or
https://wiki.project1999.com/Living_Thunder_Earring to do that, it only takes one slot, and I don't lose AC.
In raid situations, Max HP and Resistances are the best options for survival. Many raid mobs hit so hard, AC isn't going to be helping you that much.
In summary: I would say these earrings are great for Shamans Pre-Torpor, and they are great for Raiding Post-Torpor (except in situations where you need other resistances besides MR). They are not great for Solo/Group situations on Torpor Shamans.