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This is a traditional architectural feature also in my home city of Toledo in Spain: [in Spanish, could not find an English version] https://es.wikipedia.org/wiki/Patios_de_Toledo

That was however an ancient idea, already used for example by the Roman Empire (https://en.wikipedia.org/wiki/Domus) although the typical Toledo patio is a multi-storey construction like the Chinese examples in the linked article, most similar to the islamic “wast ad-dar” [“middle of the house”]: https://en.wikipedia.org/wiki/Islamic_architecture#Courtyard...

This is the abstract from a book dedicated to the subject titled “Courtyard Housing: Past, Present and Future”:

> Courtyard housing is one of the oldest forms of domestic development spanning at least 2000 years and occurring in distinctive form in many regions of the world. Traditionally associated with the Middle East where climate and culture have given shape to a particular type of courtyard housing, other examples exist in Latin America, China and in Europe, where the model has been reinterpreted. This book demonstrates, through discussions on sustainability and regional identity, and via a series of case studies, technical planning and design solutions, that the courtyard housing form has a future as well as a past. — https://books.google.de/books?vid=ISBN9780415262729

Interior courtyards were also much more important (regardless of climate) in the days before artificial illumination.
Do they help with moisture at all? When the AC in my office was broken a few years back, we found that if we opened our windows wide (9th floor overlooking one of the great lakes), and the office door to the building's central corridor, we got a really strong cross-breeze through our offices, which was considerably cooler than the offices were otherwise. However, the air was still moist, so it felt cool & clammy. Better than sweltering, but not nearly as good as cool & dry.
How does this work in winter though, wouldn't the same effect make it harder to heat the space?
As with any climate-appropriate architecture, you don't use it in regions where it's unsuitable (in this case, places with high heating demand).

FTA:

"A skywell, or "tian jing" (天井) in Mandarin, is a typical feature of a traditional home in southern and eastern China. Different from a northern Chinese courtyard, or "yuan zi" (院子), a skywell is smaller and less exposed to the outdoor environment."

Based on pictures, the buildings surrounding a courtyard can be closed off from the elements, unlike the open floorplan design used in a skywell.

All you really need is to drop an insulated plug over the hole in the roof during the cool months.