By this belief you mean that if we stimulate ourselves all day (even without cum) our penis will be almost immortal until old age, right ? lol
Not exactly, (and it is not really a belief, it is backed up by medical research). It means that if you get erections every day you will keep on getting erections. If you stop, then they will stop. As men get older we tend to stop having erections, and the less we have leads to even less.
However, if you get an erection a day you will stay healthy. More is better.
I had periodic mild ED back in 2014-15. So I decided to work on that (long before I found out about the 'Gym here and so on). I just determined to get an erection everyday. Essentially I started to do daily edging. Soon, within a few weeks, I was getting spontaneous erections and morning wood that sacred the wife.
I still do that, and the result is a healthy erection that pops up as soon as the wife says "Do you want to..." and does not go away for up to ten minutes after ejaculation.
I do not know what you mean by "old age", but i am going to be 51 in a few weeks.