Using this phrase implies you're comfortable sharing feelings, some view it as a sign of honesty. In relationships, it's often better to wear your heart on your sleeve.
Pro Tip 2/3
Vulnerability Risk
It suggests you might be vulnerable because others see how you feel. It's not always safe. He doesn't wear his heart on his sleeve at work; it's too competitive there.
Pro Tip 3/3
Cultural Perception
In some cultures, showing emotions is seen as weakness. Understand the cultural context before using. I appreciate your openness, but not everyone is comfortable when you wear your heart on your sleeve here.