Water service pipes are (or should be) buried deep enough underground to avoid winter frosts, so they don't freeze and burst.
Any pipe may be vulnerable to frost if it is run through unheated voids under the floor or in lofts without insulation/protection.
If you wish to make any changes to your plumbing, getting 'original' fittings for older Imperial pipe sizes may be problematic, but adaptors to convert to common metric sizes and modern materials are available.
The pipe itself may have aged, and become somewhat more brittle than when it was first installed, but that is probably of little consequence if you don't need to disturb it.
Sometimes larger bore service pipes, capable of delivering higher flow rates are required to make best use of unvented hot water systems.
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