Reduced effect of Freeze

I don't know when this was added so i may be late to the party, but i noticed this effect in my crafting bench so, what exactly does it mean?

Freeze is a binary effect, either you're frozen or not, how exact do you reduce its effect? You might say it reduces duration, but then why doesn't it say duration? like how Soul of Abberath reduces ignite duration

Freeze slows your action speed by 100% for a certain duration.
Obviously, reduced freeze effect reduces that duration.

Actually, the effect isn't the duration. The effect is the 100% less action speed.

So, reducing the effect of Freeze will lower the action speed loss to below 100%, allowing you to continue acting while frozen (albeit still at a lower action speed).