The most relevant impact of longer cold fermentations happens when using levains (creatively called sourdoughs in the US, but as the name has stuck, let’s call them sourdoughs

), not commercial yeast, and this because a levain is a combination (colony)of yeasts AND bacteria. The keys here are (1) temperature affects yeast and bacteria activity differently, and (2) speaking of bacteria only, temperature tips the balance off towards either lactic -acetic or alcoholic fermentation, hence impacting the flavour palette.
Speaking of (1), activity, lower temps slow bacteria significantly more than they do yeast (cutting corners here). Speaking of (2), type of fermentation, (additional corner-cutting) in lower temperatures bacteria are in acetic fermentation mode, and as the temperature increases, fermentation becomes predominantly lactic.
To further complicate things, dough hydration adds a third axis to bacterial and yeast activity: higher hydration conveys higher activity for both bacteria and yeast, and a facilitation of lactic fermentations.
A fourth axis comes in the form of gluten-degrading enzymes, called proteases, that basically cut gluten strands in a process called proteolysis, de facto reversing the gluten built through mixing.
Speaking of commercial yeast (no significant presence of bacterial activity), and going back to your question, longer fermentations do allow yeasts to produce additional quantities of aromatic compounds, but there’s also significant proteolysis, especially at room temperature. In order for fermentation to last long without exhausting the available starches / sugars, and especially without significant proteolysis (gluten destruction) they must be made at low temperatures.
In long fermentations at room temperature , you can control yeast activity by using, as you rightly say, much lower amounts of yeast (they can be REALLY tiny amounts into the tenths of gram if you’re mixing a small quantity of dough), but you can’t control (reduce) enzymatic activity, enzymes are in the flour whatever you do. Your dough will have a (very) poor gluten structure after a long fermentation at room temperature. You might get away with it with some kinds of flour, but in my opinion it’s not worth the hassle.
The key for a long fermentation is in any case proper temperature control, something difficult to achieve in a domestic fridge or home kitchen. I believe that 2/3 of dough issues at home have to do with mastering temperature (we all know how to weigh yeast ).
Hope this helps.