The metal foil is extremely thin so the in-plane conductance is negligible.So at each joint you have a piece of foil on the warm side in contact with a piece of foil on the cold side? Makes no sense.
But you still have convective transfer on the outside surface of the insulative layer.
The outer surface is at the same temperature as the 'external' air, hence no convection, because there is neglible heat transfer across the gap between the foils. (If you have a good conductor in series with a bad conductor the combination is a bad conductor.)
The theory underlying this stuff (physics) is sound but it takes more than that to make it a good choice in practical applications.