Yes, both the wood, glass, and metal contract in cold weather.
BLUF: Excessive cold in non-controlled climate conditions is poor choice for pinball machines, much more so than increased heat.
Temperatures below freezing will reduce the lifecycle of SS electronics along with increased potential of colder solder joints through thermal cycling of components. Response signal times of ICs are also reduced. Extreme cold weather can even cracked welded joints of metal scoops through accelerated fatigue fracture of metal brittleness. Clear coated playfields chip and crack more readily in freezing temperatures due to material layer separation, if played. Freezing temperatures destroy backglasses through delamination of contraction of glass and ink screened layers, even if changes of temperature are gradual, not rapid. Humidity levels during winter periods are not always lower than summer periods, as I can attest living in the Pacific Northwest, as they are HIGHER, and dependent on a location. Keep a thermometer in your gameroom for monitoring purposes, they cost $2 at Walmart, if you want a "low tech" version. Start to be concerned once games are being operated below 55 F. Operating games below 40 F is not recommended.
Addendum note: Oxidation of metal parts will occur on games regardless if they are stored in a proper climate location or not, purely due to age of the game. High humidity levels simply make the problem even worse, and accelerate ferrous or galvanized material corrosion.