HEAT & COLD insulated legendary shields no longer seem to work

Conan Exiles PlayStation Discussion
2

I think they intended this as armour now has both heat and cold protection.

“All clothes and armor now have two stats - Heat Resistance and Cold Resistance. Armors will (most often) give both, but be better at one of the two.”

https://forums.funcom.com/t/balancing-and-pvp-changes-coming-with-the-release-of-the-isle-of-siptah/135879