I find that all the other logistics related to hunting in very cold temperatures are more important to me. I'm pretty certain that ammunition does slow down in temperatures much colder than -10°C or so, but when it's -35 there are so many other factors that affect shooting like frozen fingers, frosted optics, very thick clothing, oil in the firing mechanism freezing and sticking, etc. That I tend to get close or pass on the shot. Usually if it's colder than -30 any more I stay home.
So a little less velocity might be important, but is not the most important.