Agree with you digibud all the way. For my part, I don't like big boots and warmers and try to use gears allowing me to stay as fit looking as possible (with tights and all cycling gears necessary)

Last winter I found out something new. And I think I understand why it works that way.

At -30F, before I had no choice but to had a 3rd layer with tights on my legs. This 3rd layer is a sugoi sub zero tight which is among the warmest tights we can find but it's pretty thick
Last year I went up to -36F (No time limit) with only 2 layers. The same first layer I had before plus only a new thin layer a friend gave me. It doesn't look windproof nor waterproof nor so warm so I don't think it is the tight itself.
What I think made me go at lower temp with less layers is that this new layer I put it under my old first layer which added compression.
What I think happened is that compression increases deep blood flow by stopping superficial blood flow. The blood flowing deeper into the leg it stays warmer.
Furthermore, because the blood go less into superficial vessel there is more blood flowing into deeper channels which allow more blood going to the feet and then keep the feet warmer.

To sum up, in my mind compression on legs and trunk will help during cold winter to stay warmer with less.

But I think adding compression to hands and feet will do the opposite as we empirically notice by restricting blood flow to hands and feet which lead to cold hands and feet after one hour or so of trip

Maybe someone else could try it to confirm my hypothesis.
(I'm giving up my secrets )