It could be great for an extra vacation destination, one where you could also live. I miss it from Sims 2 where you could simply have all seasons be winter, I think Sims 3 also allowed that. Sadly Sims 4 gives no customisation there at all.
I think it could be great to have like, an arctic expedition expansion, where there could be three regions in the new neighbourhood: A city part with a museum and some homes and shops (Stuff you find on expedition could be put in that museum.) A region with a harbour which is more rugged, with log houses and maybe a lumbermill too. Much more snow here, in the city part it would have been more cleared out but there always would be snow on the rooftops. The harbour region could also have a shop where you can stock up on supplies and equipment for the expedition, which sims could really need to survive!
Final region would be the arctic, kind of similar to the jungle exploration from Jungle adventures. You can attempt to climb a high mountain here and plant your flag on it, find a Viking ship frozen in ice as the greatest thing you can find for the museum, but also all kinds of other smaller viking stuff for the museum like helmets, shields, swords, tools, etc. You might also find friendly penguins to play with, who might bring you a fish now and then as a source of food if you run out. But there would also be a yeti living in one of the areas, with luck he is sleeping but if awake he could be easily angered and quick to beat up your sim. But there could be some trick to befriend him, which could be part of a lifetime aspiration of conquering the arctic. The Yeti could also be able to grab your sim upside down and shake whatever food they carry out of them to drop on the ground. It's theirs now. The Yeti can make it much harder for your sim to survive here though won't kill your sim directly. If you befriend him he can make it way easier though, then you could shelter in his cave.
The arctic region would be tough though, Sims 4 is known to not be as challenging as previous games so for this one they could really ramp it up and give previous sims games a run for their money in that department. Sims would choose to go there though so there would be risks. The ship captain who can take your sims there could warn them, making it very clear. It would be very cold, there would be blizzards, a thick layer of snow slowing sims down, hard to find any food too so they need to bring provisions. Could be possible to do a bit of ice fishing or harvest some berries near the Yeti's cave. Ice fishing would require a pick to break through the ice first though. You'd need that pick to climb up the mountain too, along with climbing gear. Also need something to make a fire with to stay warm, and a shelter though you could build an iglo too but that takes longer and could also require some technical skill. It could be possible to make a shoddy iglo that won't provide proper shelter.
It could allow for supernatural beings to be affected too though, like werewolves in wolf form could have less trouble staying warm but penguins would fear them and flee at the sight of them. Vampires would have to worry about the sun and have little place to shelter from that. Mages being able to create a fire would certainly be very handy here. Would also be neat if the lightsaber from Journey to Batuu could be used to cut a hole in the ice. (still waiting to be able to cut through the jungle with it instead of a machete.) The yeti could also run away when someone pulls a lightsaber, fearing for their arm.