I would say that women's wrestling usually doesn't draw. Last year the Knockouts segments were the highest rated segments that TNA had. Right now, women's wrestling (in the big two) is a quick opportunity to hit the head in the middle of the card and re-up your beer. But there have been times where women's wrestling has drawn. (WWE's done it too, but not since Trish/Lita.) TNA had a good women's program until this year, when they decided to release everyone who drew except the BP, to be replaced by a bunch of generic ladies flipping around in spandex. It's like watching a bad girl band- you have the Japanese one, the Mexican (Canadian) one, the clean-cut American one, and so forth.
No, actually, I do think it's more correct to say that women's wrestling doesn't draw. Ever. That's not to say it necessarily has to be bad, but even when it's pretty good (which is currently not the case in either organization, although it's better in WWE at the moment than it is in TNA), it still doesn't draw.
When the Knockouts segments were the top draw in TNA, I think that was more of a testamonial to the state of men's wrestling in TNA at that time. The Knockouts were not the draw because they were that good, they simply were outdrawing the men at the time because the men were struggling ratings-wise at that point. Sure, the Knockouts were better then than they are now, but let's face it, at the moment that's not saying much, as the current Knockouts division is in disarray and is heading in the wrong direction, unless Mickie James can help reverse this trend.
Even in the days of Lita and Trish in the WWE, the divas division was much better than it is now (again, not saying much), but they still were not a ratings draw in my opinion. People who were watching WWE then likely enjoyed the divas division, but I don't think they in and of themselves drew any audience, they were just along for the ride.
Women's wrestling, as you said, means a piss break, getting a snack, topping up your beer, whatever. They're not a draw and likely never will be for most of the audience. And while I compliment TNA on the Mickie James signing as a very positive step in the right direction, she won't draw an audience for them either. She will make the Knockouts division better, no doubt about that, but she won't be a ratings draw. If Angle, or Styles, or Hogan, etc., are not a draw, it's naive to think that Mickie James will be.