It will probably become yellowish and chip. In which case buy the stripper and get everything removed. Read the instructions. I is clear. They indicate on what kind of material it can be applied and painted surfaces are not on the list, painted concrete is specifically excluded. They also mention that it should not be used on porous and painted material and on vinyl like, for instance Allure floors, that are recommended as "no wax" material.
Here are those instructions.
" Use on interior floors such as rubber, asphalt tile, vinyl, vinyl composition, sealed concrete, terrazzo and no-wax vinyl floors that have lost their original factory finish. Not recommended for use on wood, marble, granite, natural stone, painted or stained concrete, glazed ceramic tile and newer no-wax vinyl floors."