No. Wrong translation.
Real translation:
4:34 The men are to support the women by what God has gifted them over one another and for what they spend of their money. The reformed women are devotees and protectors of privacy what God has protected. As for those women from whom you fear disloyalty, then you shall advise them, abandon them in the bedchamber, and separate them; if they obey you, then do not seek a way over them; God is High, Great
The translation I posted was Yusuf Ali, and here are four others that say beat, or scourge wives. Your translation looks like the faulty one.
Khalifa 4.34
The men are made responsible for the women,** and GOD has endowed them with certain qualities, and made them the bread earners. The righteous women will cheerfully accept this arrangement, since it is GOD's commandment, and honor their husbands during their absence. If you experience rebellion from the women, you shall first talk to them, then (you may use negative incentives like) deserting them in bed, then you may (as a last alternative) beat them. If they obey you, you are not permitted to transgress against them. GOD is Most High, Supreme.
Pickthall 4.34
Men are in charge of women, because Allah hath made the one of them to excel the other, and because they spend of their property (for the support of women). So good women are the obedient, guarding in secret that which Allah hath guarded. As for those from whom ye fear rebellion, admonish them and banish them to beds apart, and scourge them. Then if they obey you, seek not a way against them. Lo! Allah is ever High, Exalted, Great.
Shakir 4.34
Men are the maintainers of women because Allah has made some of them to excel others and because they spend out of their property; the good women are therefore obedient, guarding the unseen as Allah has guarded; and (as to) those on whose part you fear desertion, admonish them, and leave them alone in the sleeping-places and beat them; then if they obey you, do not seek a way against them; surely Allah is High, Great.
Sherali 4.34
Men are guardians over women because ALLAH has made some of them excel others, and because men spend on them of their wealth. So virtuous women are obedient, and guard the secrets of their husbands with ALLAH's protection. And as for those on whose part you fear disobedience, admonish them and keep away from them in their beds and chastise them. Then if they obey you, seek not a way against them. Surely, ALLAH is High and Great.