Their virtual warehouses usually take only a few seconds to spin up, but can take longer (especially for large warehouses).
If you keep the warehouse running, there's a fair amount of caching going on behind the scenes that can make your queries run faster on the warm warehouse (how much faster depends on the query)
.
This article shows one example - a cold query ran in 20 seconds, after caching it ran in 1.2 seconds on a warm warehouse:
There are probably other use cases, but I only think of data warehouses for supporting batch/analytical workloads where latency is not a problem because the entire job takes minutes/hours to complete. In which case cold start does not significant.
I have never used snowflake so I'm not sure how this works.