Short answer: no.
Most
fat is
subcutaneous, however there is basically none under the
skin of the
penis. Those of us who are
male should be able to find this out ourselves, by
palping the penis when it is erect. (Yes, there is a difference between palping and
wanking.)
On mine, at least, :) I can plainly feel every
ripple of the
engorged
corpus cavernosum beneath a thin layer of skin. There is no
subcutaneous fat that I can detect.
By the way, one popular method of '
penis enlargement' some years ago involved
harvesting fat from the
abdomen and injecting it under the skin of the penis. In the words of the author of
The Guide To Getting It On!, "you pay $$$ to give your penis cellulite." The injected fat could also get hardened and clumpy. Yummy.