I would, having no experience with it, recommend you not use industrial-use anything on your body. Far too long a list of things that can go wrong without failsafes that "recreational" stuff has.
Cold shrink looks a very bad idea, it looks like an alternative to heat shrink.
The shrinkage looks like it is meant to be permanent so you would need to cut it off
Anything that reduces blood flow has the potential to produce permanent damage from about 10 minutes as the tissue can die from lack of oxygen.
If you use something you can't quickly get off and it cuts off the blood flow completely you do not have a huge amount of time before you risk getting permanent damage.