The freezing overlay renders dark/gray/monochrome/black when graphics are set to "Fast". In first person mode, the whole screen is darkened, until it is completely black.
To reproduce
Switch your graphics to fast.
Step inside of some powder snow.
→ ❌ The freezing overlay doesn't render but your screen becomes darkSwitch into third person mode
→ ❌ The freezing overlay renders completely gray/black
Cannot reproduce with GeForce GTX 1050 Ti.
Edit: Managed to reproduce, only happens on fast graphics, and in first person the whole screen is covered by the darkened freezing effect.