It implies that the woman in question:
* Shares some superficial qualities with Wendy, such as being nurturing, caring, or slightly motherly.
* Lacks the charm, allure, or sophistication of the idealized Wendy character.
* Is considered to be a "second best" option in terms of romantic potential.
The phrase is often used in a derogatory or dismissive way, highlighting the speaker's subjective judgment and comparing the woman to a fictional character.
It's important to note that this term is considered offensive and disrespectful. It reduces a woman to a caricature and perpetuates harmful stereotypes about women. It's crucial to avoid using this phrase and to treat all individuals with respect and dignity.