https://en.wikipedia.org/wiki/Starvation_response
> the body burns fat after first exhausting the contents of the digestive tract along with glycogen reserves stored in liver cells and after significant protein loss.[2] After prolonged periods of starvation, the body uses the proteins within muscle tissue as a fuel source.
So yes it is mainly fat but some muscles will be lost at the same time, especially if you have a high muscle mass.
Maybe I'll try to drop to 12% to see if I can do it sometime, but I'm a long way from that right now (our third kid is 5 months old so I'm back to being a fat-ass).
It just makes so much sense that when food is plentiful (peak season) you want to be able to pack on the fat in order to get you through the cold season when food is scarce.
And it isn't only that. Squirrels even harvest so they got food in winter. We've also learned to maintain foods, such as sushi with rice, or with salt or acid so it wouldn't go rancid. Plus, like I said, there's "winter vegetables" which are high on carbs, low on water.
Pure speculation