As the temp get low, nothing will work, especially the nerve. Nerve does not work, there will be no pain. Human is warm blood, as the temp of the body goes down we will attempt to generate heat, thus all the shivering and other reaction . This will not happen with fish, since they are cold blooded. They just become lethargic.
Most people who almost died of exposure, and later resuscitated, always stated that they just feel tire and want to go to sleep, which is something one would expect as our body become chill.
Although I do not know how the fish feel, I would expect them to "feel" about the same. Because of this reason, I feel that chilling and freeing a small fish is a good way to euthanize them. I do not feel that drop them into a near freeing water is painless. As the fish hit the very cold water, all their sensor nerve will be firing like crazy before stop function all together. I would imagine this to be very similar drop your hand into liquid nitrogen or very cold water. Very painful until the nerve is destroyed.
I have seen crabs and crawfish boiled a live. If they are put in cold water then the water bring up to a boil, there hardly any movement, but if you drop a live crap into boiling water, there is a lot of movement that stop very quickly.
Quick freeze over 5 second is not a painless way to died.