No it doesnt. THC is abosrbed instantly by the lungs. BY holding your breath your not getting higher, all your doing is covering your lungs in tar that really, it could be doing without.

I had an argument about this a while ago, and the reason some people may feel higher is just placebo.

Holding it in does nothing, and if you dont belive me, do some research.

Anybody who says holding it in is good is a bullshitter.