It might, but I think you’re more likely to cause an injury than to benefit from it. When I first started hanging, my head was almost always somewhat hard (sometimes very hard), and it was a little too harsh on my glans. My head became sore, and I even shrunk up a little as my glans needed to repair itself. I also saw discoloration starting to build up on my head, and I didn’t like that. You are cutting the circulation off of your glans and putting a lot of pressure on it, it’s just not worth it in my opinion.
In the end, I think it is a lot easier to do other safer exercises to target glans girth. Pumping and manual squeezes both put pressure on your glans, and you can completely control the pressure that your glans gets (assuming you’re pumping with a pump that has a gauge). However, you are probably more conditioned than I am, so I’ll let you make your own decisions. (: