I guess you know what the code means. First question I’d ask is does your car actually have the valve? My 2004 never did. Second, is your ACC panel the original for that car? They’re programmed according to the car’s original spec so if you have an ACC panel it might throw faulty codes.
I can’t see that fault being responsible for no cold air. The valve is designed to cut off the hot coolant supply to the heater matrix, to enable more air con cooling. If the valve is not working, the matrix gets hot coolant but it doesn’t stop the air con working.
Doug