No, it doesn't fly in the face of what Wright is saying. Wright has affirmed, elsewhere, that what Jesus did was take the "cup of God's wrath" and suffered this "wrath" for all of humanity. Christ suffering at the hands of men, by the will of the Father, that wrath that all of humanity will suffer and that alienation that all mankind experiences, in order that we may not experience the wrath that is to come is no less a propitiation. Here is the difference - NOT propitiation itself but how that is articulated in the Atonement (Wright speaks of wrath against humanity, Christ experiencing this wrath, not primarily as our substitute but as our representative).
@Revmitchell objected to my definition of propitiation being this act of Christ which delivered us from the wrath to come because it did not include an innocent victim suffering at the hand of an angry God. This is why I am not a Calvinist. But it is not a rejection of the idea of propitiation (I still insist that Christ is a propitiation, that there is a wrath to come that through His work we avoid).
Not that I completely agree with Wright but another interesting thing is that everything Wright affirmed in this article in terms of belief is directly from Scripture. Nothing that he denied is directly from Scripture. Perhaps this is an idea we could also explore.