A hardcore mode (as fluffydino2000 describes) would be alright as long as it stayed that way, as a mode. More often than not, things like that just turn into tedium without really adding to immersion. It ends up being, "well I better buy 15 torches instead of the one" and then get to have fun juggling them in my inventory. Unless it's the focus of the game like Neo Scavenger or Project Zomboid it's usually best left out or at least optional in my opinion. Extra trips to the store aren't really usually very fun.
Frostfall for Skyrim did it pretty well and shows how survival mechanism could show up without being a constant drag. If it's cold outside, you're not properly equipped, and you're not near a fire bad things tend to happen. Slowly stacking nonlethal damage could build over time in such instances. Perhaps areas of intense heat can have their (similar) effects mitigated for a time by using a water item, stripping armor off, or hiding under shade for a bit. Little touches like that add excitement instead of accounting and can be immersive ways of adding variety to areas besides just looks. It also makes them a cost/benefit analysis instead of an accounting chore in which you don't really get to decide anything. How much armor do you sacrifice for weather specific gear? How much will you have to compensate with water or other temporary mitigation item? You might argue this becomes the same as "should I carry more torches" or food or whatever, but I disagree. Equipment and special instances are always much more fun than carrying stacks of consumables all the time.
Bah, anyway, in the end I prefer whatever is the most inclusive. Having an optional hardcore mode is the best, but second best would be none.