help in that department. Insulation, no matter how good only slows the transfer of heat. The loom will just take longer to match the temperature of the engine bay and take longer to cool back down after... keeping heat aging around the same level. You'd have to lower the temperature of the engine bay to see any real benefit. Heat aging follows the arrhenius rate law so lowering the temps a little may significantly extend the useful life of the harness. (exponential relationship)
The exception to this is when the harness is exposed to high heat loads transiently... such as being in full "view" of a red hot turbo or manifold. In that case radiative heat transfer can create high peak temperatures for short duration. Reflective wraps especially with insulation backup can significantly reduce this peak heating.