Question about Spilt Entry Insulation

Hi, I have a Split Entry house in Southern NH. Originally lower level unfinished, with insulation in the floor joists to the main level. The front 2 foot "overhang" has vented soffit.
We finished the lower level, and did not change the insulation/soffit, but installed a fiberglass backed ceiling tile. I have not thought much about it, until I knocked one loose this week and realized how much cold air is flowing in. Now I wonder, should I be leaving this soffit opened like an attic? I'm not sure what purpose this serves now, and whether I can improve my heating bills by changing this.
thanks Bob
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
Add image file

Site Timeline is a website for homeowners and building and maintenance pros. It is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.