I would probably wear something under it....
I am into bodysuits ( throwback to the 1980s) , tank style on top. They provide smoothing underneath, warmth and a bit of coverage around the arm if it is gapey. But that would not be super warm. I quite like the bare arms though with the volume.
Or maybe a long vest....
Deborah wears this type of dress well....maybe check out her WIW.
It is a cool dress, will really suit you!