Yes, it is. It's wif-man, so a "person who is a wife" as opposed to an unmarried girl. That's why women is pronounced [wimen], because that's the original etymology.

Of course it is.

    wifman = female human
    werman = male human
    man = human

"wifman" became "woman" but the "man" is literally from "man" (meaning human). I'm not sure how much more related you can get.