No, there is no relation. Time is not slowed by a decrease in temperature. Certain physical processes might be slowed by a decrease in temperature, but not all. Time is probably best thought of as another physical dimension similar to the 3 spatial dimensions.

Does Heat Affect time?

No, the hot object itself experiences no relativistic effects. The particles in the object however may well experience time dilation or length contraction. In fact in very hot gases and plasma, ideal gas laws may not always apply due to relativistic effects.

Does time dilation affect temperature?

There is a relation to relativity, but not a one to one correspondence of temperature with time dilation. ... At ordinary temperatures <|v|> << c so this effect is negligible. Of course the molecules in their own reference frame experience time flowing normally, not slowed down.