At best it does nothing and merely introduces a whole bunch of crossfeed distortion. At worst it breaks it, especially if it's high-powered. Gotta remember, our headphones and IEMs barely use any power: we're not frying transistors with that amount of power.
The whole reason how differential outputs (i.e. what people call balanced) get higher power is because the -ve pole is simply the +ve pole flipped, so now you effectively get twice the amplitude. If you share the -ve pole for both the left and right, it simply 'cancels' out if it's the same signal, or destructively interferes with each other.
Buut, most pins don't touch the entire pole, so effectively if you have a 4.4mm to 3.5mm adapter, you'd have L+, R+ and maybe R-.
Nope, it's missing the ground sleeve. Pentaconn has 5 connections: 3.5mm balanced has 4.