You probably know about Wim Hof and the various sports/human performance things involving cold (no doubt as touted on Joe Rogan as every fruity health fad seems to be). Personally I think it probably does do something, though every individual reaction is different. I've always done the cold water at the end of the shower James Bond thing. I recently moved from the Bay Area where it is 70F all year to a place where it was recently -30F with the wind chill. The cold seems to fill me with vigor; love it. Love the Sauna as well. Generally speaking I think the human organism thrives best with a little hormesis.