Nope, and that annoys the hell out of feminist psychoanalysts, of course. You see, the lack of a penis in the female is taken as a wound to her narcissism. whe comes to feel inferior, allying with men themselves in their belief that women are inferior.
The man, being a man, believes everyone has a penis and, while it is a shock to him to discover a gender that misses one, he immediately views the female as inferior. His own complex, in fact, is shattered simply by the terror that his father will tear off his penis in order to reclaim his wife, who has become the son's love object.
This is just theorizing. Freud knew it occurred on a spectrum. Still, he was ultimately misogynistic, though not as entirely as he's represented. He wrote this: " We must not allow ourselves to be deflected from such conclusions by the denials of the feminists, who are anxious to force us to regard the two sexes as completely equal in position and worth; but we shall, of course, willingly agree that the majority of men are also far behind the masculine ideal and that all human individuals, as a result of their bisexual disposition and of cross-inheritance, combine in themselves both masculine and feminine characteristics, so that pure masculinity and feminity remain theoretical constructions of uncertain content."
Lacan, brilliantly, degenderized the phallus to become a principle -- though one with an anatomical signifier. It preserves the centrality of the phallus in the organization of the psyche but doesn't really privilege the possession of the penis itself.
In case you wondered, my dissertation is on the phallus.