It's quite likely that insulation is beneficial anytime the inside of the hive much below freezing, as Michael says. You are correct - insulation isn't providing artificial heat but, in a way, it does the same thing by conserving the heat the cluster gives off. If you are in an area that typically sees prolonged extreme cold, insulation may well save the colony. Just be sure not to wrap it so tight that there isn't adequate air flow. As MB has also mentioned (elsewhere) - condensation within the hive, from poor ventilation ( & over insulation), may also be detrimental (fatally, in some cases).
I may have insulated a few hives in my early years. I certainly haven't for decades, and we have sub-zero temps just about every winter. Fortunately, along the front range of Colorado, there is seldom a prolonged deep freeze. It frequently warms up nicely (40's & 50's) between storms. I lose a hive or two or three almost every winter - & maybe insulation would have saved some of them. Were I to re-institute insulating, I'd be sure to provide (small) both lower & upper entrances. This would allow the cluster to act like a small heat/circulation pump - ridding the hive of that nasty condensation.
As always, it depends on your location & what Mother Nature delivers each winter.