Like I said before, I do not have any real concrete evidence or data to suggest that it isn't suitable and Sherwoods EN250 rating certainly means that it does hold up to 50 meters at 4°C.
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However, if you look at the mechanism above, it becomes clear that the mechanism is very much dependent on the proper functioning of this Schrader valve. Should the movement of the parts in contact with the Schrader valve, namely the actuators above it, be impaired by ice, the mechanism would fail to keep working. This would spell trouble upon depth changes and the associated changes needed in intermediate pressure.
Ice build-up usually affects the whole first stage, as can be seen by this picture from DiveLab. You may find their whole article an interesting read.
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Again, the EN250 rating means that this regulator works perfectly fine for the earlier mentioned temperature ranges. But I believe the way it is engineered makes it inferior with regards to ice resistance than some other regulator.
The Sherwood Blizzard and Sherwood Magnum Pro both use the same first stage, namely their 9000 series. Do keep in mind that cold water performance is not only dependent on the first stage, but also on the second stage.
The manufacturer also has to pass the tests with a complete regulator set and only this set then gets the EN250 compliance. It may be that Sherwood didn't bother or didn't want to test the Magnum Pro for cold-water performance. This could be due to sales reasons, as this gives the Blizzard a distinct spot in the line-up. Sometimes manufacturer decisions with regards to segmenting regulators are not based on engineering, but rather sales figures. Aqualung is the true specialist in this discipline.
To drive this point home, compare their current Oasis with the Blizzard. These two regulator sets are virtually identical. They have the exact same first stage and the second stage merely differ in their purge covers. For what it's worth, the other second stages are not that much different either.
Sometimes it is a fools errand to look for engineering differences in a manufacturers line-up, they are more often than not very similar. Regardless, only certain combinations get certified, as this costs money.