You're talking about shooting someone with an instant cold pack. WebMD recommends keeping a cloth between the ice pack and the skin and limiting exposure to 15-20 minutes. It'sAs a weapon it's not going to be very effective.
I'm not sure why you'd want to in the first place. Even if you shot someone with a vial of liquid nitrogen you'd be looking at some added frostbite. This will be unpleasant to whomever has been shot. But the arrow sticking out of them is of much greater concern.