I never understood this verse even as a witness:
1) - it is not scriptural (except for this one reference) to say that anyone is "saved" by childbirth. If they were, are non-christian women "saved" by childbirth? Are "christian" women immune to being disfellowshipped because they are pregnant? It makes no sense in a symbolic sense.
2) - at the time this was written, and for centuries afterward, childbirth was the greatest health danger women and babies faced. So, taken literally, the scripture is absolutely false.
The only thing I could ever figure out from it was that the misogynist Paul of Tarsus was saying that women in the congregation should be kept barefoot and pregnant so they could not be opening their mouths - while the men did the talking. But that also makes no sense - pregnant and nursing women can talk just as much and as often as non-pregnant women.