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Nah, I don't buy it.

Why would the Witch King be afraid of Frodo and the name of Varda if he wasn't a big sissy?

Frodo is less then four feet tall and although he had a tiny sword that could actually harm the nazguls the five of them should still have been able to deal with him easily to say the least. And with the ring on they could see Frodo clearly, whereas Aragorn and the others could not see the wraiths, which they would've known very well.

They must also have known that Varda was sitting with Manwë up on Taniquetil and wasn't going to Weathertop anytime soon. And she certainly could not squish even a bug with thought only.

And perhaps they were afraid of fire, but isn't that just another example of their sissyness? I mean, brands are no match for swords and would also cool off very quickly.

Actually, that name 'Elbereth' would be more deadly to the Witch King than Frodo's strike I always interpreted as grim sarcasm from Aragorn. You know, the brave but pathetic stab wasn't going to harm the Witch King at all, whereas the name 'Elbereth' at least hurt his feelings. I always figured they drew back because they took pleasure in tormenting their pray by prolonging their misery or something like that.