Nothing to do with an iPhone, it’s just the way lithium batteries cope in the cold. i.e. they don’t.
They can appear to lose charge when cold and can go below a threshold which may cause the phone/camera/whatever to shut down. I’ve had this with loads of devices with lithium batteries.
Back in the warm it may revive back to a reasonable charge.
Sometimes they just drain quickly in sub zero though and will still need a charge once warmed up.
Low temperatures aren’t good for lithium batteries anyway. They should really be stored and operated in higher, maybe +10C temperature. Frequent use below that tends to kill them over time.
Other thing about freezing temperatures is with any electrical device, you should let the thing acclimatise before use in the warm. Ideally it should be powered off and wrapped in a sealed bag to avoid condensation build up, then power up when at room temperature. If powered on with condensation inside it might short out.