I put those thick foam coats on the outside faucets in winter, to keep them unfrozen, too.
I’m trying to figure out why you guys are supposed to turn off water while we drip ours here-they even remind us on the local weather forecasts to drip at least one faucet when it freezes. Most water pipes are in concrete slab foundations here-even pier and beam ones have dense urethane blown and packed a foot or so around everything under the sub-floor, then sealed on the outside with housewrap-maybe that is the difference?
We are talking about two different things.
When it gets really cold, it is recommended that you keep some water flowing in all pipes inside your house. To prevent a frozen pipe in the basement or other poorly heated area near an outside wall.
What we were originally talking about it an outside spigot, for attaching a hose. Part of preparing for winter is emptying the hose and putting it away. And then shutting off the outside spigot from the valve inside the house that is put there just for this reason.
You then drain what water is left in the pipe from the inside valve to the outside spigot.