"Tomcat" is male in German, not female: Der Kater.
"Wife" is female in German, not neutral: Die Ehefrau. "Weib" is old language and rude to use these days.
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"Wife" is female in German, not neutral: Die Ehefrau. "Weib" is old language and rude to use these days.
Also, 'Weib' is not rude in every context. "Wein, Weib und Gesang" is not diminutive towards women, but in fact appreciative (as in 'necessary for having a good time'). We have Weiberfassnacht. And then there are the dialects, in which "Weib" often is indicative of a homely, loving relationship (-> bairisch, Swabian). Context matters.
Not sure about the reduction, but "Wine, women and song" somewhat assumes the point of view from an heterosexual male and could feel offensive just for this.
"Wine, man and song" would sound weird, but it should not sound weirder than the "women" version. That's because we are all used to the male pov assumption and that's the core of the issue.
And of course, to add insult to injury, the phrase will feel like the reduction the grand parent describes to many.
So I think we'd be better off dropping those old phrases in favor of things like your version, which doesn't have these issues.
Note: not a German nor an English native speaker so I might be missing some cultural subtlety that could make my POV a bit wrong and disconnected from reality.