The Bug:

The shaking animation as a result of freezing, does not show in first person.

Steps to Reproduce:

• Stand inside of some powder snow.
• Toggle your perspective twice. (Hit F5 twice).
• Notice how you will shortly begin shaking as a result of freezing.
• Switch into first person.
  →  Notice how your hand/held item doesn't shake. (Freezing does not show in first person).