Collagen structures are actually incredibly strong. Let’s look at some rough figures as an illustration.
A study(1) assessed the strength of the tunica and came up with a lowest measured value of 16MPa required to break it by a normal force. The tip of my pointer finger is approximately 1cm x 1.5cm. In order for me to rupture the tunica they tested on by pushing a single finger into it, I’d need to push with a force equivalent to gravity acting on ~240kg (528lbs). So what about constriction? With a 2cm wide constriction device (your fingers, for instance) I’d need to apply 4480 kilogram-force (9856 pound-force). This is about 1% of the grip strength found in (2).
In regards to all the tugging we do, using a rough estimate of the tunica thickness from (1) of 1mm (stretched, I’m assuming), with my girth being 14cm, I would need to pull with ~224 kg-force (493 lbs-force) to rupture the tunica, assuming a uniform radial distribution of the force and using the same 16MPa figure (the order of magnitude should at least be correct). Again, few people exceed 1% of this during PE.
The order of magnitude of the figures in these studies seems consistent with many others I’ve read, so while I’m not trying to give exact figures I can confidently say that the above calculations should adequately illustrate that you’re unlikely to get anywhere near the force necessary for breakage through basic PE exercises. Erect bending is another matter, as Marinera pointed out above.
But surely it’s possible to cause damage without complete breakage? Yes, it is. But you actually need to get fairly close to the breaking point before it happens. Rupture of fibers in tendons usually doesn’t occur significantly until a 5-6% strain (lengthening) is reached and once this happen, total failure will usually also occur with no further increase in stress. Even microtrauma is reserved for the top ~50% of the breaking stress. Again, I’m not saying that it’s impossible to cause damage to the tissue before your dick snaps in two, but it’s not something you need to worry about unless you’re doing very, very extreme forms of PE. Other tissues in your penis will probably get damaged long before your tunica.
You’re usually tempted to underestimate the strength of these structures because they’re so often damaged in tendons during physical activity, but these are placed in poor mechanical positions and subject to quite incredible forces. The tunica of the penis is in a very favorable position, mechanically speaking.
(1)Anatomy and strength of the tunica albuginea: its relevance to penile prosthesis extrusion - PubMed
(2)Hand Grip Strength: age and gender stratified normative data in a population-based study - PMC
(note: these are just random studies I pulled off google and skimmed for results. I can’t necessarily vouch for the content.)