Yes enemies slow down with hit with Frost spells just like you do.
If i rembember correctly though, the Novice level Ice Spell Frost bite DOES NOT have the slow effect on it.
however all other ice spells do.
I pummeled a giant with Ice Storm the other day and after 2 hits he could barely move (Giants have 33% Resist Magic by the way) So the slowing effect does in fact work.
its like all things in video games, when you slow an enemy it seems like it doesn't last long, but when you get slowed it seems to last forever....of course...its last the same amount of time both ways...it just seems to last longer on you because your usually trying to frantically get to cover or something

I just finished a 2 month long pure Ice Mage playthorough...Ice Magic slowing effect does in fact work...it works to well to be honest...The slowing effect of Ice Magic makes it easily the most powerful form of Destruction magic as you can take an enemies mobility pretty much away from them alltogether and leave them sitting ducks...