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Something odd about circuit, the NE602 max Vcc 9V, the 2N3904 VBR(ebo) is min 6V,Yes, it's working as zener diode.
You say, Vbr(eb) is considerable higher than stated above? I'm not sure, may be it is for some transistor types.the voltage accross the Q4 transistor follow one-to-one the Vcc voltage
The Vbr level isn't indicated in the oscilloscope screenshot, I read it as 8V above trigger level, about11.2 V. I see a similar Vbr with BC237.Here is a 2N3904 operating as Vz out of my junk box