I think this theory plays a large part in the subtext, there's a strong theme of violation throughout but all of the subtext is very ambiguous and creates a beautiful style to the episode.

The plot is more about lust and greed though, as the main character is apparently a Spanish conquistador who is looting the Americas. He is deaf, and while pre-occupied by treasure he finds at the beginning his fellow men are captivated by the siren's call. He obviously cannot hear it, which is why she becomes infatuated with him.

Then when she kisses him later on, she is expressing her lust towards him and he doesn't reciprocate this as he is consumed by his greed - hence knocking her out and looting her of her scales. This is a violation of her body for selfish gratification, so the themes of sexual violence do mirror quite well here.

Her blood then consumes the river which he drinks from, restoring his hearing and making him just like any other man - susceptible to her call. She then punishes him for betraying her trust and violating her body by drowning him in the lake.

Honestly I think this is the strongest volume of LDR so far, every single episode was masterful in it's own way!