Answer:
For some people it does & for some it does not, it depends on you & how well you have prepared for the birth. I am a Doula I am trained to help women give birth. I provide comfort measures, tips, tricks & techniques to help that particular woman achieve the type of birth she wants to have.
Some women I have worked with that have done Hypno-birthing say they experienced no pain what-so-ever, some women who have had water births also claim the same thing.
It greatly helps is you are not stressed, anxious, afraid, etc. The more tense you become the more tense your vagina will become, relaxation is the key.
I suggest you find a Doula in your area & work closely with her to have a birth that minimizes pain for YOU, because it's different for everyone.