so does "vous feriez vos études ce soir" mean "you should study this evening" ?

Bonjour Vincent !

"feriez" is the verb "faire" in Le Conditionnel (= would do), and the expression "faire ses études" actually means "to study" in the more general sense of "to go to university", so:
Vous feriez vos études ce soir.
You would go to study at university tonight. (which sounds weird, as you wouldn't just go to uni on one night!)

To say "You should study tonight", you will use either:
Tu devrais étudier ce soir.
or
Tu devrais réviser ce soir.

I hope that's helpful!
À bientôt !