Extremely unlikely to be penile cancer. However, it is in your best interest to get checked out. Skin changes on the penis is one of the symptoms. But again, you are not the normal demographic and it is very unlikely. https://www.webmd.com/cancer/penile-cancer-overview#1
Since you have been to a urologist and they recommend a biopsy, I would do it. I agree that it sounds scary. But it's the only way to know. They would not recommend that if there was no chance of being a possible cause of your symptoms. So, unfortunately, I think you really need to do the biopsy. You won't even remember it as you will be fast asleep.
Let me know what happens.