Well, only sort of.
Alcohol dialates your blood vessels making you shed heat faster on your skin and extremities...but it doesn’t move it away from your internal organs. The body has a self protecting system that moves blood and heat to the organs preferentially so the dilation from alcohol means your susceptibility to frost bite is higher in your extremities...but not at the risk of your organs.
Your body won’t let you loose the critical internal heat faster because of alcohol, but it will allow the extremities to lose blood flow volume in response.
