There are some health benefits, but they are different for men and women. It is known that cold plunges increase cortisol levels, and that affects men and women differently, so I wouldn’t recommend it for regular use for women without more research. I also wouldn’t recommend it to men unless they have a specific reason for doing it.
For me, I train in Brazilian Jiu Jitsu, so, the cold helps my muscles recover quicker after a hard workout. Although, I think the biggest benefit is mental cause it is crazy hard to not jump out of the cold water when everything in your brain is screaming at you to get out, so it builds resilience to doing hard things and being uncomfortable.