I don't think it will hurt assuming you can properly install the wrap without damaging components. It would keep the oil temps down (more cooling) and prevent cooking the oil after the engine shuts down and oil stops flowing. I like the heat protection tubes / socks, just because they won't ever unravel as I have seen old heat wrap come loose. I got a large sheet of heat resistant mat (fiberglass foil), I have made a bunch of custom shields for my solstice and I plan to sew up some more custom stuff for the Cruze, as it has an insane heat soak issue I would like to counter.
My post on the Solstice heat protection here: LE5 Turbo - Custom Heat Protection Shield Engine Bay - Pontiac Solstice Forum