It is better to use a lighter weight and a high number of reps for this exercise. Using a heavy weight might cause you to break your form, and hurt your lower back. focus on technique rather than on weight.
This exercise is basically a sit-up with some extra weight. and although it will work your abs and arms you might end up with a broken back unable to get out of bed.
The sit up movement involve too much flexion of the spine under load, and adding a weight plate just puts more load on the spine. This kind of movement puts the spine in a bad position and the disc under way too much pressure. Lifting the weight plate overhead in the end makes it even worse and puts even more pressure on the discs. This is the kind of stuff that causes herniated discs to begin with.
If you care about your spine we suggest just to avoid it.