Besides the security and usability problems others mentioned, I also highly doubt it will improve confirmation conversions.
One thing that helped us improve confirmations -- we A/B tested it and confirmation rates increased ~8%: send a 4-digit confirmation code rather than just a link.
It's easier and more familiar on mobile, especially if you see the code on the push notification, so don't even need to open the email. I suspect it's less likely to land as a promotion email in Gmail, because of the code/semantics. It's quite a fun experience as well in my opinion. It seems like more work, but entering 4 digits on the same open tab is easier and nicer experience than clicking on an email link.
There are some security considerations. A short code can be brute-forced, so you need to rate-limit the number of guesses.