Native speaker here. This can mean physically cold, but not as in "the woman is cold" which means the woman is feeling cold, but more as in cold the the touch. As mentioned before, this will mostly be used for the emotionally cold meaning.
To add to Nitzpo's post. If I step outside on a winter day and want to tell my mother that "I'm cold," in Hebrew I would say the equivalent of "Mom, it's cold to me" or "אמא, קר לי" If I want to complain to my therapist that my wife is frigid like an icy wind-- alluding to either an emotional or sexual coldness (or even cold to the touch as Nitzpo explained) I would say "היא קרה". However, when talking about inanimate objects you say the "cake is hot "העוגה חמה" or the milk is cold "החלב קרה".
When I answered this question by the first time, I thought of this way too. Thanks!
My phone is learning to guess "cold" after I type "the woman is" and I am not amused.
I think it can mean both, after playing around a bit with different sentences using different translation tools, but take that with a grain of salt, of course.
If you would want to say that she is cold, you would say קר לה, or קר לאישה הזאת.
היא אשה קרה refers exclusively to someone with a cold personality
How do you realize that is היא אישה קרה and not אישה קרה since the sounds is similar?
The standard Israeli "accent" often leaves off (or at least minimizes) the initial ה in many words. Think about the silent initial h in some English words, like honest and hour. Some people still drop the h when they say human or humour/humor. The speaker includes the first word, but drops the ה, and the final ee sound goes into the initial ee sound making it hard to differentiate. But since that is really how they speak, it is good for us to practice hearing it that way.
When I was in ulpan in Jerusalem some decades ago, I learned to drop those initial הs to sound "right" to my Israeli friends.
My husband is but I am not. We have been living in Israel for the past four years.