Arnie's dick in T1 absolutely doesn't count. It's a vague shadow, barely visible, and is in no way erotic.
That being said, Cameron has absolutely done a poor job with his own female characters; exactly none of them are capable of achieving anything without the help of men. While he doesn't turn them into sexual objects (True Lies notwithstanding, maybe), he never gives women enough credit to be, y'know, self-sufficient.
T1 -- Sarah needs Reese.
T2 -- Sarah needs John and the Terminator
Aliens -- Ripley needs Hicks
The Abyss -- Can't remember character names, but Ed Harris is needed to save the day
True Lies -- Jaime Lee Curtis needs not only the men around her, but the self confidence to present herself as a sexual object to them to grow and develop
Titanic -- Rose needs Jack
Avatar -- Neytiri needs Jake
So, cool, he never superfluously put a woman in her underwear, I guess. But at least Alien gives Ripley independence and agency.