Yeah. I practically walked across the Maginot line, encircled and destroyed several ARM divisions, and then went over to have a picnic in Paris. With the massive dissent penalty the French forces were facing and the fact that a good chunk of their divisions were running around after partisans, it was over about 12 days after I started the invasion, and scotland declared independence from the UK shortly after (the whole island was completely partisan controlled). Even though the surrender event has now triggered and the UK is fascist and in the axis, they only have about 3 active IC and even places like Guyana are breaking away, so it looks like the damage is pretty much permanent.
It doesn't seem to work as well on the Soviets though. With the dissent reduction for them being a closed society it's a much slower process, but not only that, it seems much harder get spies through; i'm guessing the SOV AI must be stronger when it comes to counter-espionage. I'm gradually raising it, but it's much slower than taking out the Western allies was and they still have a lot of IC and barbarossa time is creeping up. Horribly gamey but fun to do.