It might depend on the cat.
Cats have very diverse characters so it is impossible to know the response of individual cats. Moreover, it also depends on the individual collar and bell.
There are signs you can look if your cat is disturbed.
A disturbed cat will not let you re-attach the collar. If he keeps relatively still while you are re-attaching it, it means he doesn't mind the collar and the bell.
A disturbed cat will make weird noises. Gagging sounds, weird and usually high pitched meowing may be signs of distress in cats.
A disturbed cat may start panting. Panting is a sign of extreme stress. If your cat starts panting when the collar is attached, you have to remove it right away.
This list is in no way comprehensive. Just look for signs that your cat would not normally do when he is content. Cats are complicated creatures and they all show their love or distress differently.
One more thing, bells are necessary to keep the wildlife safe. In my opinion cat companions have a responsibility to protect the wildlife. So, if you have a wandering cat, you can attach the collar and the bell whenever your cat wanders out of your house.
Collar and a nametag may help you more in case your cat is lost. Also, you have to microchip your cat. If he is lost, any vet can contact you. Bells themselves will tell you when your cat is around but they will not help if your cat is lost.
My cat has collar, bell, nametag and microchip. Whenever I re-attach the collar, he stays very still, stiller than any cat I have ever seen.