The idea that weight lifting will effect your penis in any way is a silly myth that needs to go away. So the short answer is no, it won’t hurt anything.
The long answer is also an explanation of the twisted “logic” behind said silly myth. When you work out with any useful intensity, your muscles are starving for nutrients. The only way for them to get more nutrients is to get more blood. Right after working out, a lot of people experience “shrinkage” due to the other muscles getting all the heart’s attention. This can be troublesome especially since the effect doesn’t go away for a couple of hours. But it does go away as soon as your body stops freaking out.