It really depends on the weapon and the environment as well as the mode of carry. One extreme example it riding a snowmobile in sub zero weather (think -40), the gun (if exposed on your hip) will be encased in ice. the H&K's we were issued fared just fine. Glocks on the other hand could be a problem if the ice ran down and froze the striker. My answer was a shoulder holster and a pocket gun, kept them all out of the ice.
A revolver could have an issue in that environment as well.
I have used Mobile 1 synthetic lubes exclusively for years in the bitter ND cold with no issues.
My rifle and pistol are tools, I am the weapon.