Think about it simply.
The only warmth bees get while clustered, above ambient, is supplied by them for them from stores. The more of that heat that can be retained, up to a certain point of course, within the hive the less stores need to be consumed. More top insulation than sides - always - and even a reduction of wind contact can reduce that requirement. Anything on the outside of a timber hive hive either needs to be a complete contact fit or sufficiently loose to provide avoidance of condensation between them. Bubble wrap relies on reducing air convection to within the cells, so needs multiple layers to provide a reasonable insulation value. And water should not be able to run down inside the isulation.
Polystyrene sheet is a better bet. Smaller air spaces, multiple layers of air spaces, reasonably rigid. Polyurethane is better still.
Even thickish plastic sheets are likely better than a single layer of bubblewrap, as it can afford woodpecker protection as well, if placed such that the ‘peckers cannot get a grip.