People have been complaining about the ice ring since 2.0, And since we are currently on the transitional state to the PC version, I think now is the best time to make a simple and fundamental change to it to make it more balanced.
The idea is that when wearing the ice ring, Upon a successful hit, The player is frozen as before, But in addition, Their defence stat is kicked up to max, Making them nearly impossible to hit. In fact, Hitting them would reduce the time that they are frozen for. They would also lose their ability to attack, And their health regeneration would be slowed dramatically. All of this is designed to simulate the player being actually frozen in a block of ice.
This turns the ice ring from an annoying offence item to a defence item. Say that you are losing a fight, You can put on the ice ring and freeze your opponent in place to give you a chance to run away and regenerate. You can already do exactly this, But with the defence boost to the person being frozen, As well as the fact that attacking them reduces the timer, It removes any and all offensive use for the ring.
The same can be applied to ice arrows (Oh, The ice ring shouldn't apply to arrows anymore either.) If you are an archer, You don't want a melee attacker getting close. So when they close the gap too much for your own comfort, You can switch to an ice arrow and run away.
Granted, This would still be slightly annoying if you are on the receiving end of it, But you will no longer have to deal with being completely helpless as someone whittles your health away with their wooden sword against your full titanium armour. Instead, You'll just need to accept that sometimes someone will freeze you and run away.