The reason I read for that insulation being there was not noise, but to keep the valley pan gasket from stress-cracking with time and age. Of course, Chrysler had a part number for it!
Not really "insulation" as it doesn't really insulate anything, but more of a vibration damper from putting a little pressure on the valley pan to change its resonant frequency. The foil keeps things "clean and neat", compared to just having a piece of bare yellow fiberglass under there.
It might keep the crossover passage heat more in the manifold than add to the heat load under the hood? In so doing, it might help divorced choke performance in cooler weather, plus better fuel distribution from a warmer "hot spot" in the plenum?
Some other engine designs, which use a metal bolt-in plate rather than the valley pan gasket, there is no "insulator" under there. Other "race" manifolds for some motors are open in order to keep the manifold cooler.
Seems like some vendors have an aluminum valley cover for B/RB engines? Then there are different intake gaskets.
CBODY67