As an insulant, yes it is, but for the marginal improvement in the heat that is retained by it, the extra layers that both absorb and reflect light mean that the light transmission losses are higher. For some designs, this would be a sound solution, but in many cases the light improvement and lower embodied carbon of the lighter product delivers a better result.

For the best of both worlds, consider the use of Zenon Insulator. This can deliver improved U-values with minimal impact on light transmission, so the best of both worlds.