IV sedation induces a state of deep relaxation and a feeling of not being bothered by what’s going on. In reality, you remain conscious during conscious IV sedation. You will also be able to understand and respond to requests from your dentist.
The drugs used for IV sedation produce either partial or full memory loss (amnesia) for the period of time when the drug first kicks in until it wears off. As a result, time will appear to pass very quickly and you will not recall much of what happened. Many people remember nothing at all. So it may, indeed, appear as if you were “asleep” during the procedure.