Just to be absolutely clear:
You plan to take a pressure cooker up to pressure without messing with insulation, then turn off the gas, then put heat resistant insulation around it while it finishes cooking. Is this correct?
When I use my pressure cooker for cooking food (as opposed to a pressure canner - different, much larger beast) once I turn off the burner, it reliably takes 15 minutes for the pressure to return to "low
enough to open it". Surrounding the cooker in insulation - which will get damp from the steam as a heads up - would slow heat loss through the top and sides, but it will *NOT* stop it. So if your recipe requires cooking at a certain pressure for a certain length of time to be "cooked", that will no longer be true. However, the whole concept of haybox cooking or even the old camping trick of wrapping the boiling rice pot in a towel to let it finish cooking, will continue to cook the contents of the pot - just much more slowly.
"15" minute rice took more like a 1/2 hour in the towel sort of concept (and the towel got damp - because steam still came out of the pot. A sealed pot is a bomb. Please don't risk that!) Our haybox cooking experts will know how much time to allow for many foods and quantities of food at least in general terms, but I've not tried to use one myself. I'd also consider the difference in pots. I have a feeling that many haybox cooking people are using
cast iron (enameled or not) to cook in their haybox. My old pressure cooker was thick aluminium and my new one is thin stainless, so neither of those have the same heat holding mass as cast iron would.
Short
answer: once you remove the heat, very quickly your "pressure cooker" is just a normal pot regardless of whether you insulate it or not. Thus, you need to consider how that is going to affect your recipes when deciding how long to give things. Pressure will kill certain nasties because they get to a higher temperature - that's an asset. Pressure can do nifty things at high elevations where just getting
water to boil is more time consuming. There are a bunch of factors that would require experimentation. The basic concept is sound.