Like it or not it does have an effect, which is to raise the stakes. If everything is instant gratification there are less lows, but also less highs. You may prefer games that are less punishing, and that's fine, most people do. It does have an impact on the experience that creates value for people who like a more punishing experience, though. It doesn't create that value in the moment you're waiting, it creates it when you're debating whether a risk is worth it somewhere else in the game. If there was no punishment for a mistake, there's no reason to debate the risks, and that removes the high of taking a risk and having it pay off.