Yes. The tin is 2 oz, comfortably under the 3.4 oz carry-on limit, so it goes in your quart bag without an argument and into a checked bag with no limit at all. This is the one place the small tin size works entirely in your favour.
The rule, and why a balm falls under it
The TSA carry-on rule is 3.4 fluid ounces, or 100 millilitres, per container, with all of them fitting in one quart sized bag. Balms, pastes and waxes get read as gels rather than solids, even when they are firm enough to need a thumbnail. People argue about this at the checkpoint and it never goes well.
It does not matter here. At 2 oz the tin is under the limit whichever way an officer classifies it, so there is nothing to discuss.
Net weight and fluid ounces are not the same thing
Worth understanding, because it catches people out on other products. The 2 oz on the label is net weight, 57 grams of balm. The TSA limit is a volume, 3.4 fluid ounces. Those are different measures. The tin holds roughly 2 fluid ounces, so it clears the limit on both readings, but a heavy product in a big jar can be under on weight and over on volume.
Checked bags
No limit and no bag. Pack as many as you like. Cargo holds get cold, which does the balm no harm at all. What freezing does.
Flying internationally
The 100 millilitre rule is close to universal, so the same answer holds through the EU, the UK, Canada and Australia. Some airports have moved to scanners that drop the liquid rule entirely, which only makes it easier.
Why it is worth the space
Cabin air runs at something like ten to twenty percent humidity, drier than most deserts, for the whole flight. Hands, lips and the skin around your nose take it first. A tin in your pocket is more use in the air than it is on the ground. Dry air and chapped skin.
Made by hand in small batches in Wakarusa, Indiana. Seven ingredients, and 5% of every sale goes to FreedomSystem, which connects veterans through authentic camaraderie and meaningful programs.