Upvote:1
Probably not. In general, the motif of a man and woman embracing is very common on guldgubbar, but there is nothing overtly sexual about them. Occasionally, there will be some kind of tree behind them. A Google image search of "guldgubber" will give you several examples
This does not mean that this could not be an exception. However, I found a clearer picture of the same guldgubbe here. I have to say that I can see neither leafy boughs nor anything else vaguely phallic.
If Viking age artists (which, admittedly, were a few centuries later) wanted to depict something a phallos, they could be explicit, see this statue, likely of Frey.
Finally, any sort of identification with people or gods from myths and legends can not be taken as anything more than guesses.