I don't think that the shape of genitals has anything to do with it much. This seems like Freudian thinking. A somewhat odd hypothesis.
What matters more IMHO is the different investment that males/females must make in child raising. The "cost of sex" to a woman is higher. That is to say that after sex, a woman may get pregnant. If she is pregnant, she can't have children with any other partner until the first one is born. During some of that time it'll be harder to hunt and/or gather food. When the child is born, she will feed it. Additionally - childbirth itself is risky (or was, prior to modern medicine).
And of course... some guys are violent eh. Women are generally smaller and hence are vulnerable in another way.
So I would expect, that evolution will have influenced our psychology, ie that the average woman will choose more carefully than the average man.
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