Maybe. I remember being very cold and miserable attempting the infamous Extreme-O at West Pt, one of the years they did that. I was cold yesterday but within a reasonable distance of comfortable. I did punch through some ice at one point and get wet feet, which was about as much fun as you might imagine. Of course, if I'd run red I would have had a lot more opportunity to get properly chilled.
Wet feet is the worst! I remember moving here and having one training where I couldn't get my shoes off in the parking lot because they were frozen onto my feet. Neoprene socks are the way to go here, since the water can stay unfrozen all winter sometimes - but with icebergs floating in it, or just enough ice on top that you punch through the ice and then the top layer jabs into your shin. This year it's been pretty cold, so maybe it's actually better!