It's a pretty gay gesture. As in literally people might think you're fruity and gay. I would know because I do it and I'm pretty fruity!

I also do the point up in the to the sky when bringing up a point in conversation sometimes. I got called out on it in highschool once and it stuck with me ever since, making me insecure about it... And now the emoji of it is tied to the nerd emoji for "erm ackshually"