Yes, I think that could be used for cheap insulation project.
I had this idea as i saw there were individual air cells in this product. blocking both end of the air tunnels and stacking a few layers of sheet one over another, maybe crossed each time, could potentially be a great cheap solution for insulation. I know that this product is not flame retardant nor being known for lasting long since the plastic dries out after few years under uv sunlight, but I would pretend we could easily made a 10 years project with that.
Note that this material is pretty thght when used on its strong side, having a structure made of layer applied on over another held in place with tuck tape and assembled like a puzzle with random size pieces as well as keeping in mind of crossing the air pockets orientation after each layer added, I am sure that could made also a really strong structure just by itself!
In the movement of cheap minimalist houses made out of nothing, these materials can be found from used elections sign or available at any sign shop in their trash bin for free.
I would be curious also to measure the R-Value of this material when a box made of one inch, air tight stacked layers of this material could be!
Be aware that these plastics, as any plastic does at different levels, could emit hazardous particles. Remember the “new car” scent, that sent is toxic and I am happy to drive used and old cars containing old plastics that have emitted already their major toxic components over years.