Sure there's a difference. One could thickly bind fibreglass fluff around a pipe and this would be great thermal insulation, but that wouldn't slow condensation on the pipe. Segments of foam tube won't help either if there are tiny gaps between the segments. Water vapour migrates differently than heat, so we block it differently.
To prevent condensation we need to establish an airtight envelope, which can't reach dew point on any of its surface.
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