The IRC allows this, but you need to provide fireblocking with an approved material (1/2 gypsum board, 3/4 ply, fire spray foam for gaps are most common). The blocking material must be every 10 feet both horizontally and vertically as well as at every horizontal to vertical cavity transition (ie. wall intersects with soffit).

This means that you'd need to add 3/4 ply or something to close the gap at the top plate to the exterior top plate, and you'd need to add this every 10 feet along the wall between the interior stud and exterior stud from the sole plate to the top plate. Though I think stuffing fiberglass in the gap is allowed if it's secured mechanically.