Heat wrap on any exhaust component is a pretty good idea for heat management.
Also, for items for which you want to keep the heat out of, heat reflective tape is a very good additional measure.
I recently had to do both measures to protect my wideband and BMC. After a proper trackday, all items held up fine and engine bay temps have dropped by a good amount. In addition, I has having heat soak issues on my wideband, and the heat reflective tape with wrapping the downpipe which it ran about 10-12 inches from, allowed the wideband to not run super hot, drive resistance values to infinity and stop working.
Almost all turbo cars I have have a combination of Ceramic coating, heat/fiberglass wrap and heat reflective tape
