To the degree that corporal punishment might be useful, this ain't it. It needs to be administered close in time to the infraction for an association with the behavior one wants to provide negative reinforcement to be established. It also is only potentially useful for the very young. There's no point in having it as an option past 3rd or 4th grade, and it would need to be implemented in the classroom itself. I also think it should only be used to discourage behaviors that potentially could harm the child. Paddling for giving a teacher sass or being late to class or texting a friend in class or similar activities is not acceptable.
If you want to teach children that it's ok to use violence to solve your problems then I guess it's aces.
When done to teach a young kid not to do something else with a greater risk of harm, yes. It certainly shouldn't be an option for routine discipline.