That's all any cold-air induction system is. It's not so much that ambient air is cold. Rather, it is cold in comparison to the hot under-hood air. The Corvette system is more advanced than most, since it incorporates the throttle-actuated valve to increase the airflow when there is demand. When you aren't pushing the engine, you actually want the warmer air, since it idles better.
This system gives the best of both worlds, as it were. Normal induction when cruising around town, but an instant shot of cold, high pressure (the air right in front of the windshield is pressurized when the car is moving, do to the windshield angle) air into the air cleaner.
Joe