Was Christ really punished for our sin?

The Presbyterian Church (USA) recently created controversy with its decision to drop the hymn 'In Christ Alone' by Keith Getty and Stuart Townend from its new hymnal. The reason for this decision centred around some of the lyrics found in verse two which stated 'on that cross as Jesus died, the wrath of God was satisfied'. The presbytery committee in charge of the new hymnal had wanted to substitute 'the wrath of God was satisfied' with 'the love of God was magnified'. When the authors refused their permission for this change, the committee then took the decision to drop the hymn rather than include it with the original words. The reason for their taking issue with the words of that line centred around the word 'satisfied' and its link with the doctrine of penal substitution; that Christ as our substitute bore the wrath of God on the cross which we deserved and so satisfied the divine law. So are the PCUSA right in their view that the cross is not an instrument of God's wrath or did God really punish Christ on the cross?