This is similar to the developmental vs. historical theory of the origin of religion discussed by David Stove in Reflections on the Dawn of Consciousness
This would be the developmental (transference of the feelings toward the parent in childhood) vs. historical (bicameral mind) need for external authority. Jaynes argues that it is primarily historical (a vestige of an earlier mentality) whereas in this quote Freud is arguing it stems from childhood: "a child who distorts reality in order to relieve his helplessness and fears."
I don't know that they are mutually exclusive — there is no question that there is a certain degree of childhood longing to be guided (or controlled) at certain times in certain individuals. But when one views hypnosis along with related phenomena such as "spirit possession," trance states, speaking in tongues, religious frenzy, and dissociative fugues, I think there is more going on than just a childhood longing for external guidance. An actual different psychological state is involved, and to me, Jaynes's bicameral mind fits the data pretty well.
There is likely a genetic basis for some aspects of group behavior in that there are strict hierarchies found in most primates.. For example, primates generally stick together (i.e., they don't go for a drink until the whole group goes for a drink) and follow the alpha male. Darwin would say this type of behavior has a survival value and was selected for over time.