This question studdenly appeared in my mind, A hypothetical liquid that is completely incapable of transferring (consequentially holding too, right?) Any heat in any way, how would it feel to touch it? We feel cold when heat gets out of our body and hot when it gets in right? Would it just feel perfectly neutral?
If it was just your hand, your circulation would keep moving that excess heat out and into the rest of you, which would radiate most of it out like normal.
It’s a different story if you’re submerged far enough that there is not enough of you still exposed to discharge that heat.