Most, if not all consumer drones, use LiPo batteries, which rely on a chemical process to create electricity to power the drone. The chemical process slows down in cold temperatures and slows significantly in very low temperatures. Check the manufacture’s specs for the safe temperature range.
Trying to take reduced battery performance into consideration when planning a flight is difficult or impossible since no one publishes performance vs. temperature charts. I’ve been meaning to google the subject to find generic charts for LiPo batteries, which would provide some insight into the problem, but I haven't found the time and every battery is going to have a unique performance vs. temperature curve since it will be a function of the physical configuration of the battery, shielding from cold wind/prop blast, etc.
Shy of being able to predict performance vs. temperature based on a drone manufacturer’s data/curve for the specific drone/battery system, the best we can do is keep an eye on the voltage during a flight knowing that cold temps will reduce battery performance, perhaps significantly. For example, know that you will not have as much time to land when the low voltage alarm is reached, etc.
If you must or want to fly in cold temps, keep your batteries in a warm place before the flight. I own a heated battery bag but haven't used it since I usually can keep my batteries in my warm car (see
Turnigy Programmable Lipo Battery Warmer Bag (12v DC)). Also, consider insulating the battery during the flight with a DYI “battery jacket” of some sort. This can help to keep the battery warmer using the heat generated by the battery during discharge.
I fly fixed-wing and multi-rotor, battery-powered aircraft year-round in all but the coldest temps for SW PA and have had good success with DIY battery jackets made from various materials. For example, I have several small, fixed-wing, aircraft that I fly for fun that use 2S, 330 mAhr LiPos. I place these batteries in jackets I made from the tips of the index finger and thumbs I cut from cheap gloves I use to help keep my hands warmer when flying in cold temps. I cut the tips of the index fingers and thumbs off of both gloves so I can feel the sticks on the transmitter and have better dexterity for preparing the aircraft for flight. I put all four glove tips to use as battery jackets, which don’t add much bulk to the batteries so they still fit in the aircraft, and they help keep the heat generated during discharge inside the batteries. I got a bundle of six gloves or so from Home Depot for less than $10 as I recall. The gloves are made from a woven synthetic fabric so I melt/seal the cut fibers with a flame, which works well to keep the woven fabric from unraveling at the cuts.
I have also used DIY battery jackets made from sheets of craft foam and/or felt that fit around my Mavic Pro and Spark batteries to improve their performance in cold temps. These are easy to make with glued seams and can be held onto the aircraft with a rubber band or Velcro strap. Don’t cover the sensors or lights and don’t let the batteries get hotter than normal, which takes some judgment.
I'll post some photos when I have time. In the meantime, here's a YouTube Video of me flying a 1.1m Pitts S1-S on a cold day recently. The "sensor" in the aircraft is a Insta360 One X.
Happy flying!