I think in context of this song the lyric IS correct; until one is born again and receives the sacrifice of Jesus blood, and resurrection they are under God’s wrath personally, so in context as in individually to the person yes this line is CORRECT. If you take it to mean universally God’s wrath then it is not correct-but I don’t believe that is what the authors of the song meant (however I don’t know them personally so I cannot ask)!
The song is sung from the perspective of a born-again believer: “MY hope is found.....etc...” For the believer, there is no wrath to come. It was dealt with and finished upon the cross. So said Christ and so it is. Amen and amen.
Regardless, I don't think songwise it's anything to get worked up over...Still a beautiful song and I get a blessing just singing it...