I don't know enough about Priapic cults to confirm or deny your last statement!

But yeah, not every artefact is loaded with meaning. Maybe someone just wanted to make a funny little trinket with a lump of clay or got bored and started whittling away at a piece of wood.

Also related: I follow a few mudlarkers/scavengers on Instagram and they often talk of enthusiastic amateurs finding 'neolithic arrowheads' which are in fact just chipped pieces of obsidian.