The given meaning “sex” is more euphemism than a literal translation of the word, in a similar way to how “getting some action” is a euphemism for sex in English. πρᾶξις could also be used in the context of military actions, casting spells, business transactions, collecting debts, succeeding or getting results at something, exercising, having dexterity, or exacting revenge.
I find it somewhat ironic that another name for Aphrodite, the goddess of love, is a name meaning "practical." Obviously Ancient Greece is very different from today's western society, but I would've thought that one thing both societies have in common is that love is highly impractical. Hmmmm...As far as the name is concerned, though, I'm not much of a fan. It doesn't sound like a person's name, honestly. It's almost too... scientific, if that makes sense.