That's interesting. It has "cross linked polyefin" in it's full moniker but not a thing about freezing or cold, other than it's used as insulation. If it was named for a marketing purpose, you would have thought it'd be polythermo. It's heat shrink after all, seems very counter intuitive to label it something that has to do with freezing.
I found it has an initial resistance to puncture, but once it did, it tore with little resistance. I also found it very hard to glue or tape.