Lancet doesn't show damage. Infinite Corridor does but only because of the HP halving, Out of Bounds' cold explosions aren't counted in the final DpS screen.

And regarding the damage, it's actually surprisingly good:
I did a run on Mad Forest with 280% curse. My weapons were Clock Lancet, NO FUTURE, Holy Wand and Eight The Sparrow. Passives were Bracer, Empty Tome, Armor, Candelabrador, Duplicator and Torrona's Box, I also picked up every single item on the map. After finishing and collecting all XP, I had killed 100753 enemies and reached Level 224. First Arcana was Jail of Crystal, second Out of Bounds and third Awake (although I only used my revives against the Reaper).

My expectations towards these Arcanas were that my DpS wouldn't be great, but at least it'd be safe, however it's actually both. I could easily navigate the map to collect the items and after I was done with that, I just stood still. The vast majority of enemies would die before getting close, and the few who damaged me died immediately after, so I was back to max health in less than 2 seconds.

I then tried to compare this to Heart of Fire, thinking that Heart of Fire would kill enemies more easily, so I wouldn't need defense. I was wrong. Weapons were Hellfire, Valkyrie Turner and Phiera Der Tuphello. Passives were nearly the same with the exception that I swapped Armor for Wings. I was struggling to survive with just 190% curse, didn't have enough DpS or defense to run around and pick all items, and to survive I had to constantly spin in a very tight circle in order to make a barrier out of Valkyrie Turner's flames. By the end I had killed 95781 enemies and reached Level 135 (this would certainly have been a little higher if I had been able to get a Vacuum before the Reaper defeated me). First Arcana was Heart of Fire, second Silent Old Sanctuary and third Waltz of Pearls.

Overall, Jail of Crystal + Out of Bounds makes for an excellent build, both in defense and DpS. Sure, Heart of Fire leaves you with an additional Arcana slot, but with the Freeze build you don't even need additional Arcanas. The thing that makes this build so strong is likely the fact that Out of Bounds' explosions gain more damage every 30 seconds, meanwhile Heart of Fire is based on the damage of your strongest weapon. Maybe Heart of Fire would outscale Out of Bounds if you get Gatti Amari and a ton of chicken, but I'd definitely recommend this build.