There is a tiny chance that the fuel air mixture with the PEA cleaner will clean something (maybe the top of the piston) before the combustion actually occurs.
As to whether it would damage a catalytic converter? If your engine has pistons with so much carbon on them that they would damage a CC if they were dislodged, you have bigger issues. Also you wouldn't be worrying about the CC at that point, you'd be worrying about large pieces scoring the cylinder walls, getting caught between the valve and head, stuff like that.
If carbon pieces happened to make it out of the cylinder, past the valves and to the catalytic converter I suppose it could theoretically cause a hot spot that could damage the CC.
What's the likelihood this would happen? Probably nil. Like HangFire said the cleaning is going to be extremely mild or unlikely. If it does do anything it's not going to take chunks of carbon off, it's just going to dissolve a little bit of it as opposed to full-on rip all carbon off the piston tops.