I'm not cis but I'm not a trans woman.
That term seems a bit icky to me. It seems to originate as a porn category. Using it outside of the context of porn makes it seem like the focus on the woman is about what she is sexually rather than who she is.
I can't really see a more charitable use of the term, besides someone reclaiming it for themselves. (Much like "queer" or the f slur for gay men.)
The only reason I would be somewhat pleased to hear about Musk's failed penile implant is, as the richest man in the world, he can throw money at the problem to get some more advancements in this type of surgery for everyone. Even if that's not his intention.
This has a decent chance to help trans men with options for gender-affirming surgeries. Otherwise, I don't give two shits about his member.