the house is on a septic system that we know not to be located anywhere near this cold room as well if that means anything.
Do you not have a well anywhere?
If there's no well and OG owners had to have septic...
They had to get water somewhere too, and that's a cistern. And it would be away from septic deliberately
It can't all be rotted wood, but a cistern filled with dirt would make the room "cold" and the high moisture content would make the wood rot.
I guess one thing to do is just see how deep it goes? Like, there is absolutely no way that's just raw earth and you can dig a tunnel to the surface. Check if downspouts have a weird tunnel/pipe thing by them, or ask neighbors with similar age homes if they have one.
But in my uneducated opinion, you got a giant concrete waterproof room down there filled with dirt.