I used to ride a long trips with bicycle, many times with female companions. While it is possible to get aroused by the rubbing with short rides, especially if one intentionally wants to do it and there's a reason to do so, usually it is totally opposite. Bad saddle causes pain and numbness and sometimes temporarily lowered ability to have an orgasm.
However, nowadays, in an era of 3d-printing and increased knowledge/skills, I can't avoid a thought of designing and making a custom shaped truly anatomical saddle, which could transfer the body weight on the areas which are really capable of supporting it, while still providing firm contact to muscle/skeleton structure to increase force transfer efficiency, and right kind of pressure/movement on areas, which rather increase sexual health than restricts it.
The major thing I'm currently missing is open minded and fit female cyclist, who's anatomy suffers from currently available saddle designs, and who'd have interest and motivation for this type of project. From technical point of view, it is possible to build a saddle base, which shape can be pretty well adjusted with screw-matrix and then use 3d-printing and flexible materials to print top layer with just right amount of springiness and flex depth on each area. The shape can be tuned with test-rides and using pressure sensitive measurement film, which can tell how much pressure each point is getting during the cycle period.
Such technology is already in use in high end commercial products, but the goals are not as ambitious and diverse as they could have. Designs are still quite conventional and only few simple factors like pressure on sitting bones, pubic bone and perineum area are taken into account, but as far as I know, not blood vessels/nerves around the vagina and inside the labia, with some of them being part of the invisible clitoral area.
Based on my own experience from longer rides, it's very important to be able to adjust the pressure on different areas by intentionally tensing or relaxing glutes or other muscles. Static pressure is the enemy of healthy blood flow, and that's why too soft saddles are big no for long rides. Females typically have more natural padding on their rear ends, so it may not be counted out to have a saddle that can actively change it's shape by pumping a fluid from some area to another to allow blood flow to recover. Racing is a battle from grams, but comfortability if the most important for fun riders, especially if the ride can become very fun...