I was giving an additional possible reason for the time, but it sounds like you speculated an answer to your own question
This is a very debatable point. I think most would argue that it is not like a cold water drowning. There isn't the rapid cooling you see in water. It isn't cold water; they either have an airspace or they don't. As for "hibernation" perhaps you are referring to the mammalian dive reflex. I am not aware of any research suggesting that it has a prominent effect in avalanche burials (especially as children are rare victims).
The Europeans seem to think that stage IV hypothermia can develop in avalanche victims with an airspace as early as 30 minutes into the burial. However, American doctors contest this idea since the Europeans have only three or four case studies, not all of them from avalanches, to base their theory on. American doctors tend to believe that you probably aren't going to see stage IV hypothermia before 120 minutes and certainly not before 90 minutes. I agreed with IKARs "triple-H syndrome" theory until I heard the American position and researched it further. I tend to agree with the American theory here.
There have been some amazing survival times because people have a large enough airspace to allow exchange with the local pack for that time or in extreme survival times because their airspace has a connection with the surface.
I would argue based on the current research that while hypothermia doesn't kill many avalanche victims in the snow, it probably doesn't save many if any either.
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