I have never experienced anything like that nor have heard of anyone else experiencing that. I don’t think there are any valves in your penis either. Erections both going up and then going down are a result of smooth muscle fibers contracting or relaxing in the penis and it is not controlled by valves.
Here is an article explaining the mechanics:
The Mechanics Of Erection
As you probably know the penis is made up of spongy erectile tissue contained in three internal chambers called the corpora cavernosa (x 2), and the corpus spongiosum. These chambers are primarily filled with soft tissue composed of smooth muscle fibers and connective tissue, together with sinusoids which fill with blood during erection.
Both erection and the loss of erection are events which are the result of changes in hydraulic pressure due to increased blood flow into the penis and reduced blood flow out of the penis. Erection is due to increased blood pressure caused by relaxation of the smooth muscle fibers of the penis, while loss of erection is primarily related to the contraction of smooth muscle in the erectile bodies.
Guided by both hormones and nervous impulses from the brain, special nerve cells in the penis produce nitric oxide, which has the effect relaxing the smooth muscles in the penile arteries and erectile bodies. As these muscles relax, blood flow into the penis is promoted, and pressure increases, causing tumescence.
As the penis becomes increasingly erect, the tunica albuginea, which is composed primarily of connective tissue with limited elasticity, begins to compress the veins which would normally allow blood to flow out of the penis. Due to this differential in pressure, an erection may not only develop but may be sustained for quite some time, usually coming to an end when the nervous impulses from the brain terminate due to ejaculation or a reduction in sexual arousal.
Sensory stimulation that causes sexual arousal can be physical or emotional, coming from either the body (skin and genitalia), or from the brain in the shape of fantasy, visual impacts, smell. But no matter what the source of stimulation may be, the nerve signals pass along the spinal cord and through special nerves known as nervi erigentes that innervate the penis. These nerve cells release nitric oxide, which causes the smooth muscle fibers of the arteries and corporal bodies of the penis to relax, allowing blood to flow in to the erectile cavities of the penile shaft and glans.