No. I like to think of insulated bags as temperature shock protection only.
For example, it's 70 inside the house and 90 outside, and 140 inside your car. You walk outside and throw the bag in the car and turn on the air conditioning. Eventually it comes down to 80 in the car as you drive to the courts. When you get there you pop the rackets out of the bag and play. The insulation prevents your racket from going 70-90-140-80-90. Instead, it's more like 70-80-90.
Or, in winter, if you walk out of the 70 degree house and its 32 outside and the club is 65 inside, your racket will be shielded from the cold air outside between the house and the car and the car and the club.
But if you left your bag in extreme hot or cold for long enough, it'll definitely be affected inside and out.
Now, just how much damage are you actually doing to the racket allowing it to get up to 140+ in a car is debatable.