As the owner of various cats over 50 years it does nothing to adult cats. It will hurt an adult cat because their weight is too much for the skin to hold. As a kid I tried it many times because I heard the myth and it only made my cat more angry.

I don’t believe kittens are affected other than being physically unable to do anything. Sort of like if you were put in a half-Nelson hold. You wouldn’t be catatonic, just unable to fight back.