For minor temperatures, it seems to work fine, but I got creative trying to liquidate my carbon dioxide and chlorine by filtering the oxygen into the Thermo Regulators. I pump the oxygen into a separate part of my base, then cool it there to -87 degrees celsius then pump it back into a different cold biome that I have filled with carbon dioxide. Basically, it'll come through the system as I planned, but when it exits the gas vent, it completely disappears and there's no change in temperature at all.
Edit: Yes I know that the gas vent is overpressurized. It wasn't before when the glitch was happening. This is just where my current save is.
Pump filtered oxygen into thermo regulators to an extreme cold temperatures, then pump it back into a room full of carbon dioxide. At the very least, I would expect the carbon dioxide to get colder, but it doesn't even do that.