I did a little searching to verify this.  I found a lot of results claiming that human fat does serve as an insulator, including the dreaded SJW infested wikipedia, and this: http://www.ncbi.nlm.nih.gov/pmc/articles/PMC1244044/ Perhaps you are right in the sense that a ham planets blubber is not as effective as an insulator when compared to other sea mammals, but it still apparently does seem to serve as an insulator of sorts.