The idea is that, yes. However it's better to use a predefined spacing command rather than arbitrary rows of \; commands (that are for different things).
You can improve your style by using some personal command: I defined \Mat for a set of matrices (with an upright M) and \ZZ for the integers.
The reason for the indirect definition is that if you have several number sets to deal with, just changing the main command \numberset to use, say, \mathbf, you'll get all number sets updated and don't need to change each one of them.

\documentclass{article}
\usepackage{amsmath,amssymb}
\DeclareMathOperator{\Mat}{M}
\newcommand{\numberset}[1]{\mathbb{#1}}
\newcommand{\ZZ}{\numberset{Z}}
\begin{document}
\begin{equation}
\begin{bmatrix} P \ Q \end{bmatrix}
= \gamma \begin{bmatrix} \omega_1/N + \Lambda \ \omega_2/N + \Lambda \end{bmatrix}
\quad\text{for some $\gamma \in \Mat_2(\ZZ/N\ZZ)$}
\end{equation}
\end{document}
Don't use \text{M}: it is wrong in this context; for example, the M would be in italic in the statement of a theorem. Also \tag is for a very different purpose and should not be abused.
\[ \alpha \mbox{ and } \omega \]– Fran Oct 04 '20 at 16:33