I and a friend shot some video at 5,000 frames per second of the ball and patch exiting the muzzle.
That patch peels back flat on the muzzle releasing the ball. When the ball exits the flame and smoke obscure the picture but just as the ball gets to the muzzle it's easy to see it has no effect on the ball.
We did three tests, patches cut at the muzzle, round patches with the ball centered and square cut patches. They all do the same thing, flatten out on the muzzle as they release the ball.
We shot three rounds with each type of patch off rest. Same results. Group sizes were too close to call a winner.
I cut at the muzzle because it's just easier for me. I can't discern any difference in accuracy.