No it doesn't. The common female and male ancestors don't need to exist at the same time. They just both have to be common to everyone alive today.
The genes of Homo Sapiens have 46 pairs of chromosomes, while all other primate species have 48. That fact indicates that modern humans are a separate species, distinct from all other primates.
Geneticists can use mitochondrial DNA to count the numbers of generations of any species, which yields an approximate date of genesis for that particular species.
Using this method, it’s been determined that all primate species are millions of years old. Not so for Homo Sapiens, whose mitochondrial DNA yields a figure of only 250,000 years at best.