I tried to copy what you did, but now I have 3 pictures.(black & white, glowing, and original). but they don't overlap(blend) with each other. My composition doesn't have those little squares(see picture below) next to the file name. |
3 layers is correct. set your switches tab to show the transfer modes by pressing F4 or clicking here (1) or here (2) at the bottom of your timeline panel:

now you have the transfer modes where you can set one layer to use the matte of another

BUT WAIT
if this is a still image, this would be much less trouble if you prepared everything in Photoshop before going into Ae:
remove the snowflakes in Photoshop by using any one of PS's trademarks - the state of the art retouching techniques that are available for you (healing brush, stamp, etc.) also separating any other element you wish will be much easier with PS, instead of using AE's masks and mattes. after you are done, import the artwork to Ae and now you can create the glows and add snowflakes with any of the particle effects like CC Snow or CC particle world.
also - this is a very big photo. what output do you have in mind? HD? 4K? are you planning to zoom in? this photo is 8k width - the more pixels, the harder Ae has to work to make calculations. you should make sure you bring your raster images as big as they need to be and no more than that.
more about preparing your PS artwork to Ae here: https://helpx.adobe.com/after-effects/using/preparing-importing-still-images.html#preparing_and_importing_photoshop_files