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They would somewhat as they're made of nylon which has insulating properties. Years ago i also remember guys wearing pantyhose as a base layer long before base layers were cool. The thermal advantages of something as simple as a thin nylon hose was known back in the day before tights, or specifically fleece lined tights ever became popular.What about panty hose??? Years ago it was known that panty hose kept your ass warm...
Fleece lined tights are usually a blend of a much heavier weight nylon and spandex fabric with a fleece inner lining of polyethylene terephthalate (PET)