I'm a freak ... any balaclava that covers my mouth and I'm too hot... even when the temps are sub-zero (F).
The pic below was the 2018 Fat Tire Loppet in Minneapolis on the same day as the coldest Super Bowl ever (those wimpy football players, they played inside). Temps were between -5 and 0F and I rode the race (22 miles) and rode the 11 miles home after the race. I focus on wool:
45NRTH Toaster Fork, Smartwool skull cap, wool buff. If I'm struggling to keep my face warm enough, I can pull up the buff ... typically do this if I have to stop for a few minutes or riding into a wind.

Photo credit
TMB Images