They do it often (spray water) in Florida to protect their citrus fruits during a damaging freeze.
It has something to do with water acting as a heat/cold - "buffer";
specially around floating temperatures freezing point (+/- 32*F).
In my old physics_101 classes, it was called "latent heat"...
(extra heat is given/taken when any substance changes from its solid/liquid state)
Also, the ice may act as a "shield" against any further (pure) cold and/or (desiccating) wind?
(BTW, I have never done this procedure on anything)