No, that is not accurate.
First, when a wheel is “breaking” in English, it is not breaking something else (transitively). It is also not being broken by something else (passively). It just breaks on its own; this is called the middle voice, and while it is expressed by the active verb form in English, it has to be the passive form in Latin.
Second, the English present continuous has no direct counterpart in Latin, you just have to translate it as the present. Using the present participle might seem an obvious solution, but that is not idiomatic in Latin. (All of which is just as well, because no passive present participle exists in Latin.)
So that would leave us with: rota disicitur.
But thirdly I think that disicere is a strange verb to translate “break.” Your wheel does not just break. It is driven asunder, smashed to pieces, scattered! I would instead go with frangere or confringere, so we end up with: rota confringitur.