The choice of material for frost protection depends a lot on how big the area to be protected and for how long.
I've never seen wood chips used, but can't see why they wouldn't work. We've used straw to protect continous continous and spot footing trenches and also floor slab areas. It works fine if it stays dry and the wind doesn't blow. Clean up is always a problem, especially if there is blowing wind. Either way, the material has to be removed before backfilling.
We also used insulated blankets. They work fine and are reusable, but if they get wet or frozen they must be dried out before storage. There are also available electric mats and heating pipe systems both of which can be expensive.
Basically, we ended up protecting only the footings, it is easy and cost effective. We let the floor areas freeze. Then, once the building is enclosed, we would rent some 1,000,000 btu LP heaters and thaw the floor subgrade out. It takes about 3-4 days per foot of frost thickness.
NEVER use water to thaw out a subgrade you plan to pour concrete on!