That is one method that doesn't work for me. however, I do find taking a bath in oatmeal really helps relieve the itching and if you have swelling with the hives or muscle aches baking soda and/or epsom salts along with the oatmeal does help. Vinegar only agitates the burning sensation I get with the hives. I've used witch hazel on them with some success, though.
I have heard of success with reducing the appearance of hives and reducing the itching with a water and vinegar bath. I think you use roughly a cup of apple cider vinegar in a full tub. all per my Granny
If that doesn't help the typical treatments are use of antihistamines and cortisone cream. The antihistamines block the cause of the reaction, while the cortisone cream reduces the itching.