With fast graphics, the freezing overlay renders black, and covers the whole screen black in first person

The freezing overlay renders dark/gray/monochrome/black when graphics are set to "Fast". In first person mode, the whole screen is darkened, until it is completely black.

To reproduce

1. Switch your graphics to fast.
2. Step inside of some powder snow.
   →  The freezing overlay doesn't render but your screen becomes dark
3. Switch into third person mode
   → The freezing overlay renders completely gray/black