Indeed.I have a family member whose nickname is Tootsie, Toots for short. It was a very common and not necessarily derogatory term - but I suspect that today Tootsie Roll and Tootsie Pop might have to change their name. But 50 years ago it really depended upon who was saying it. Just as "Babe" can be endearing - or insulting.
It could be used as a term of endearment for a romantic partner as much as: babe, baby, sweetheart, sweetie. baby, dear, honey, baby, snookums, baby.
If you think about each of those words by themselves... kinda icky to infantilize or comesticize (treat them as edible) someone you like.
The most famous use of 'toots' was this song popularized by Al Jolson (already, we're in the realm of old timey = cringey if we're talking about Al Blackface Jolson)...
Yesterday I heard a lover sigh / Goodbye, oh me oh my! / Seven times he got aboard his train / And seven times he hurried back to give his love again and tell her: / Toot Toot
And any of those terms of endearment between a romantic couple can be used to be derogatory toward a woman whom one is not a consensual romantic partner since it implies she should be available to be such without her consent. Thus, it's also used to devalue the women due to her gender by pointing it out and sexualizing or infantilizing her (or both at the same time).
The etymology of 'toots' for a woman is unknown.