I paid closer attention to the pressure points and noticed that's where my feet started getting cold and quickly went to the toes. I don't think the pedal is going to draw much heat from the foot, not near as much as the convection of the wind.
The pressure points were of interest because I've x-ctry skied in boots with far less protection while wearing thin cotton socks in -20 degree temps for a few hours on several occasions and never experienced cold feet. Full moon, clear skies, freezing temps is my favorite time to ski in the backwoods trails. Feet rarely get cold walking in sub zero either. Both have a rolling foot motion that doesn't concentrate pressure one on point, while biking it's pretty much continuous on one concentrated area.