this is actually completely accurate
menthol, the compound responsible for mintiness, activates the cold receptors in your mouth
capsaicin, the compound responsible for spiciness, activates the heat receptors
"Menthol's ability to chemically trigger the cold-sensitive TRPM8 receptors in the skin is responsible for the well-known cooling sensation it provokes when inhaled, eaten, or applied to the skin.[1] In this sense, it is similar to capsaicin, the chemical responsible for the spiciness of hot chilis (which stimulates heat sensors, also without causing an actual change in temperature)."
however, they wouldn't cancel each other out, just activate both receptors
which would be a weird experience