It also changes the temperature of the gas, if ever so slightly which will change the speed of sound and therefore effective tuned length but this really is gnat's whisker sort of magnitude.
Exhaust wrap has been covered extensively in several previous threads. From memory the bench racers were for it, but generally the consensus among the professionals was except for manifolds between head and turbo, or for getting the catalytic converter up to temp quicker, it increases corrosion for no real benefit.
It can help prevent intake charge warming in some cases, but so does wrapping the inlet air duct, and it does not corrode as a result.
It can help reduce heat transfer to other items, but so can a heat shield. The heat shield will not encourage corrosion.
It can help reduce noise ever so slightly.
Basically, except for some very specific problems, it does more harm than good.
Regards
eng-tips, by professional engineers for professional engineers
Please see FAQ731-376 for tips on how to make the best use of Eng-Tips Fora.