the cold does two things it restricts battery performance ,including flight time
and for me perhaps,more concerning is its effect on the person flying the aircraft
when we fly our drones ,for the most part ,we are standing /sitting still ,and our body core temperature can drop quite a lot in a chilly breeze
admittedly this will take some time ,but it will at some point impact on your ability to make good judgments ,and is no different to what happens when your hands get really cold ,which can effect your ability to control the sticks on the RC ,so flying in cold conditions ,just requires a little more thought ,during the process ,and then a happy outcome ,will be the order of the day