A while ago I read that sailors were saved by this reflex. They should have drowned but washed up onshore unharmed. The reflex kept water out of their lungs and their body temp down so low that even though they were under water for so long it didn't have long term ill effects. (I think it's the same reflex...I don't remember where I read it, though.) Here's a grain of salt: .
As a migraine sufferer I read that this can help alleviate the headache.
Mental health, though...I have never heard of a connection.