I've frozen LED/LCD displays before with no damage. I once dropped an LCD watch in the snow and it sat out overnight at 20 below and the display was OK. I left a camera with a LED display out in my garage at 10 below for a day and it was OK too.
I'm not sure about OLED displays though.. I've never frozen one of them. I imagine they'd survive too. I don't think you'll hurt yours if it's on your 98 degree wrist and covered with clothing while you're out in the cold.
Out of interest, I checked the manual that came with the watch. Usually they give a maximum/minimum temperature for the device, but I don't see that in the Gear 2 manual.