Question about Scripting a slingshot mechanic

I have been attemping to create a game mechanic where you click on the player, and a new object is created called a PaintBag. The paintBag is then pulled back like a slingshot, and released when the mouse comes up. My problem is that I am wanting the object to follow the mouse only within a certain limit (as in, as far as the stretch of the slingshot). COuld anyone suggest what is wrong with the script?

 void PullBack(){
         
         Vector2 catapultToMouse = mousePlace - playerPos;
         if (catapultToMouse.sqrMagnitude > maxDrawDistance) {
             mouseRay.direction = catapultToMouse;
             mousePlace = mouseRay.GetPoint (maxDrawDistance);
         }
         mousePlace.z = 0f;
         transform.position = mousePlace;
         
         
     }

Here's the update function. activate is a variable set to true when the player is clicked.

 void Update () {
         if (activate) {
             PullBack();
 
         }
     }