Certainly seems like it.

By the early 20th century, when hot dogs had become a popular food in the US, English speakers were already using wiener as a euphemistic or childish slang term for the penis, including referring to sexual intercourse as “hiding the weenie.” –Dictionary.com

Oh, and fun fact:

The word wiener, often misspelled as weiner, is rooted in the German Wienerwurst, which roughly translates to “Vienna sausage.” Wiener literally means “of Vienna” and is pronounced like “vine-ah” in German.

This Archie comic looks like it dates from the 40’s-50’s, so it was a sort of magical time in which one could be completely safe saying this in a children’s comic, yet still make an openly sexual reference. :D

Come to think of it, the “Comics Code” might have been invented partly in response to stuff like this. It’s been a while now, and I don’t exactly remember the whole story…