That latex gloving strategy has been used for quite a while by mountaineers. Commonly referred to as a Vapor Barrier Liner (VBL). The function operates similar to using a wet suit when scuba. Any 'sweat' remains inside the barrier which is kept warm by body temperature, reducing evaporative cooling. That allows better thermal effectiveness with the insulation layer of the outer glove.
Pruning of the hands can occur, leading to maceration if used over a prolonged period of time. That is remedied by applying a layer of lanolin or beeswax-based ointments just prior to gloving which helps protect the skin from the moisture. At break time, remove the gloves, dry off the hands and the inside of the plastic glove (they turn inside out as you remove them, anyway), allow time to air out a bit. Then just before departing, reapply the goop, re-glove and enjoy warm hands.
It works for cold feet during freezing temps as well. The VBL technique, not the rubber gloves. With feet, the technique does vary slightly: apply goop, put on a thin sock, put on the vapor barrier (a plastic bag can do in a pinch, then a wool or synthetic sock, then a shoe.