Usually the difference is just a plastic enclosure. Cold shouldn't bother them as much as heat. I have an ocean shipping container for a shed and my dishes on top. I had my switches inside but I suffered a loss to the extreme heat inside on hot days. I moved them outside the container in a circuit breaker box to keep them dry.
If you seal the connections and mount/driploop properly either works outside. If you do either type wrong they won't last long. Like Magic Static I prefer to mount switches in an enclosure for good measure and to keep things neat.
The blue cover gave it away as the outdoor version. I haven't had one out here in a long time but I'd bet it is just an inline normal diseqc pushed into a blue cover so it could be called weatherproof or however they were billed.
I've ran no-name bottom barrel cheapie 4x1's outdoors before no problem. I like putting weatherboots and dielectric on outdoor connections just to be safe, even when stuffed in an enclosure. I probably overdo it but there is nothing more irritating than trying to troubleshoot an issue just to find out it is a corroded on the inside connector. Actually maybe not overdoing it I had mice get into one of my switchboxes once, complete with mouse pee!
The box Fat Air suggested is exactly like what I'm planning to use for mine, have one here handy. Right now I just have a plastic container stuffed over it to keep the rain off until I get around to putting it in the telco box.
I had a Winegard 2076 Ku dish on a SG2100 for years with two 4X1 switches bolted to it for over six years with no switch problems. I used rubberized self sealing weather proofing tape to keep them safe.