We've even used it in the basement just to conserve heat as the hot water makes it up to the 2nd floor bathroom. It works amazingly well.
It would help with protecting water pipes from freezing especially if you stuffed additional insulation around it in the walls, too.
Rock wool is better than fiberglass. It's more expensive but has much better insulating properties and you don't have to worry about breathing in glass fibers.
all true
That is the stuff most of us use-there is also a type that is thicker and not as rigid-which is what I used this year, having had good results with it before-I will know in a day or two how well it worked in this once-every-30-years cold...