Simply put, the torque that the driveshaft needs to apply to the 3.21 axle is substantially higher than required for the 3.92 for the same towing load.
No it's not. If I'm towing in 6th gear with the 3.21, my gear ratio is 3.21. If a 3.92 is towing the same load, his equivalent transmission gear is 7th at 3.2144 (8hp75).
In fact, I'm towing in "direct gear" (6th) which has a transmission ratio of "1", whereas he's towing in overdrive with a ratio of "0.84". I'd be more worried about that, if there are any stresses that are not equivalent in this scenario it'd be that the 3.92 would be towing more often in an overdrive gear whereas mine would be less inclined to tow there.
But ask yourself how often you see any sort of drive train related posts on these forums. They never pop up. Nobody replaces their rear end gears or their drive shaft or even their transmission.
In short, it's a complete non issue. If you're towing that kind of load that often where it might become a problem, you're really in the wrong truck and should be driving a 2500 anyway.