Personally, I have totally given up on the HR feature with these watched.
I experienced the same problem. While running at a ridiculous low pace the watch gives me a 160 bpm HR. Measuring with another device my HR was 20 bpm lower. So HR on the fenix 5 is definitely not accurate!
I've experienced the same thing and the colder it is, the worse it is. The main purpose I bought the watch was for the wrist based heart rate feature. If I bought a car and had to let it "warm up" (as recommended by Garmin, this is hidden in the Support Center, not in the instructions that came with the watch) for 20 minutes (minimum for my watch, 30 if its cold out) before it was usable, it would be classified as LEMON under the Lemon Laws of Illinois for automobiles. Garmin should be upfront and ethical with the consumer about the watches capabilities. We wouldn't accept this from a car, house, TV, computer but its acceptable here? Apple watch, here I come!