Between the 3.20 buff to Frost Blades and the combination of two cheap uniques in Heatshiver/Yoke, the skill is insanely strong now at a low investment. You freeze and Herald of Ice pop entire packs while zooming through maps at Mach 10.
DPS: The build easily reaches a conservative 8m DPS on low budget and can scale into the 20-30m range with very high investment. Despite being a high attack speed build, it can still freeze even pinnacle bosses without issue.
Survivability: You sit at just shy of 4k health, but with evade and spell suppression both capped, death is rare. I've hit 98 without issues, and others running this build are sitting at my level or higher without any ROTAs.
Sanctum: Once you get your low investment setup, it can make Sanctum a breeze. It's not going to out-do builds like Poison SRS for Sanctum, but it's as good as any melee can get with being able to freeze guards and 100% to 0% the bosses in a few seconds.
Here's a quick T16 Strand map if you want to see it in action. I'm sitting at a mid investment right now, and the mapping speed was the same at low investment - higher investments have just lowered boss kill times. I'm sitting at 30+ div liquid and another 20-30 in other currency and haven't made the leap to higher investment because I just don't feel the need for it.
The build has a pretty dedicated content creator, Behind Eyes Gaming, who has a very thorough guide and PoB for it. If you're unsure of your next character or doing a late league start, definitely take a look at the build and give it a go if it looks fun to you.
My PoB is here, but you can find a full build guide PoB through the youtube link above.