Sure it is. Unless men start having babies, then women working and the birth rate consequently decreasing is a women-centric issue.
This presumes zero-sum. That is, it presumes that this growth of the workforce does not affect the total productivity. If instead, more people working means more productivity, then part of that productivity can go to paying wages.
Whether this increase of productivity actually goes towards wages is difficult to say. I think that most of the recent productivity increase have been to the benefit of investors rather than labor.
But you can still construe the problem both ways, is it women increasingly working outside the home that society takes as an unhealthy unquestionable good or men almost exclusively working outside the home which has been taken as good (or at least normal) since time immemorial.
And it's the same thing with the solution, if we come to the conclusion that somebody should take a smaller part in the workforce to help correct the birth rate and other problems two income households produce, the historical role of women in "creating" the problem doesn't imply they should be the ones to go.
People in all sorts of relationships adopt or otherwise have children. Folks die during childbirth. And while men cannot physically give birth, I've met plenty that enjoy child-rearing. If it were possible with my spouse and I, I'd happily work while he stays home. (He legally has to support me due to immigration laws). My ex stayed home while I worked, though to be fair, he was on disability. I do not have children (and have no plans to), but we have discussed adoption of an non-infant/toddler child (along with their siblings if they have any). While I see plenty of reasons for one of us to take parental leave, I don't see any reason why that would absolutely have to be me instead of him.
The question is really whether or not two income households are unquestionably a good thing, to which the answer seems like a strong "No". Even without the birth rate issue I struggle to conceive of mechanism by which it isn't a vicious circle of more people entering the workforce, driving incomes down (and driving the cost of scarce resources like certain housing up), forcing more households to become two income to keep up with no obvious benefit for anyone but the people doing the employing.