Weeellll,
I'm tempted to say yes (more or less)...
It's shown that Gandalf did 'discipline' hobbits as he made Pippin sit the first watch in Moria as a punishment for foolishness. This does not mean physical chastisement however.
Would Gandalf beat a hobbit black and blue with a stout stick (staff)
out of anger? Of course not, he's not that sort of a Maia.
Is there a possible (but unlikely) situation where Gandalf would physically discipline a hobbit? Naturally speculation but...
-A slap on the hand to a hobbit child or 'tween filching fireworks or trying to pick up Glamdring could be possible, more for the child's safety than anything else. Before the days of PC-ness such a thing would likely pass without comment. If I remember in the film G twists Merry and Pippins' ears a bit when he catches them at the fireworks and this seems unremarkable, but technically counts!
I guess that hobbits would use some mild corporal punishment on their children, but if such 'formal' punishment was deserved, then it would be the parents' responsibility, not Gandalf's.