No it's not cold when you're up in a hot air balloon.
The air up in the air when you're in the hot air balloon is actually warmer than you would think.
There's also the flame that is above your head heating the hot air balloon which heats you up some as well.
When I went up in a hot air balloon a few years ago it was actually nice and warm but it was a bit cold on the ground.
The safest wind speeds that a hot air balloon can fly in safely is up to 10 MPH.
Once the winds reach above 10 MPH then it becomes difficult and even dangerous to fly the hot air balloon.
Hot Air Balloons fly best during stable air and a little wind is okay but not a lot.
Most hot air balloons travel at a speed of around 5 MPH to 8 MPH.
So the hot air balloon does not travel all that fast and it goes slow and the wind helps and pushes the hot air balloon.
If the wind is going slower then the hot air balloon may travel a bit slower.
The main reason that hot air balloons are only flying in the morning is because the air is the most stable in the morning and daylight hours.
It's possible to fly a hot air balloon at night but during the night the air is not as stable and could potentially cause an issue.
During the day the hot air balloon is also more visible especially to other pilots of aircraft.
So it's possible to fly a hot air balloon at night but most do not.
However in some places it can be illegal for a hot air balloon to fly at night because of visibility issues.
If you're up in the air at night and a helicopter or plane flies through and doesn't see you in the air in your hot air balloon then it can cause a deadly crash.
So it's not advisable to fly a hot air balloon during the night.
Most hot air balloons are flow during the day.
I have seen a few hot air balloons up at night but only during a festival where they likely got permission and knew no airplanes or other aircraft would be in the area during the time the hot air balloon was flying.