A few problems.
The first thing is that the only reptiles that preyed on our ancestors would have been crocodiles. And while they probably weren’t an insignificant cause of death it hardly warrants a fear of all reptiles given that they were only a threat in water. I could believe our species might develop a wariness around water if this were the case, but not a fear of reptiles generally. It becomes even more implausible when you realise that all HG groups will eat whatever reptiles that they can catch. Far from exhibiting any fear of snakes, lizards etc the primitive human condition is to be attracted to them.
Land reptiles only really began to prey on our direct ancestors after they reached Indonesia and Australia around 50, 000 years ago and encountered giant monitors and terrestrial crocodiles. Prior to that hominids had simply never encountered any reptiles large enough to prey on them. And there’s a reasonable chance that most people don’t actually have any ancestry that has ever been the prey for giant monitors.
Unless of course by ‘our ancestors’ you are referring to something small and furry that scuttled through he underbrush when dinosaurs ruled the Earth. The trouble is that that is so long ago that there’s no plausible chance of any inherited memories of that sort being retained. While it’s true that those creatures were preyed upon by reptiles they were also preyed upon by other mammals, and birds, and fish, and spiders, and centipedes and pretty much anything else on the planet. Those were small mammals in a large world and were destined to end life as brief wet squeak. If we retained ancestral fears form that time period we’d be afraid of everything, including budgerigars.
Basically I can’t see any plausible way for this theory to produce a fear of big cats and reptiles without producing an equally large fear of ducks, rats and catfish. So no, it’s not even remotely plausible in any form that I can understand.
And it’s certainly primarily cultural. I’ve seen footage a little San girl, she looked about 10, encountering a snake and she showed no fear of it whatsoever, she promptly grabbed it by the tail and bashed its brains out with a stick for lunch. The same I suspect was true for all humans prior to the invention of agriculture. People would have been cautious of poisonous reptiles but there’s no evidence that reptiles in general were ever a source of fear.
For that matter for those of us in modern western societies that grew up with reptiles have no fear of them either. I personally have no particular fear of any reptile that can’t literally eat me whole and I can never recall ever having any fear of them. The same is true of bugs. I can’t say I have any real fear of wasps or bees. I’m cautious of them the same way I’m cautious of moving cars but I’m no more frightened of a bee than I am of crossing the road in heavy traffic. Is it really common for people to have a phobia of bees and wasps beyond being concerned because they can cause pain?
As for wolves, well we wouldn’t really have encountered them until we entered central Asia and Europe. However there were almost certainly other canids such as the African hunting dog where our immediate ancestors evolved, along with big cats, hyaena and so forth. However as with wolves these things won’t attack healthy humans. I suspect that once our ancestors leaned how to use tools as weapons they were simply never a threat and probably a potential food source. So that doesn’t really tell you much unless, once again, you want to go back in time to when we were all basically shrews.
And sharks certainly would have been athreat to our ancestors. Nobody is quite sure when hominids first started forgaing in water soucres but it’s was very likely to have been before our species evolved. Coatsal tribes would have been under constant threat of shark attack while even inland tribes would have had to contend with shark attack in the larger rivers and creeks. Most people don’t relaise that sharks commonly enter even fresh water and numerous shark attacks on people occur well inland every year.