Exhaust wrap is generally purchased for aesthetic appeal but it also has been proven to lower engine bay temperatures and also keeps the heat in the exhaust system leading to more popping and banging and a faster air flow. Exhaust wrap is available in many colours and varieties ,From glass fibre to titanium they both have great appearance in the engine bay and lead to higher performance.
Exhaust wrap is a relatively inexpensive way to increase performance and engine bay style compared to more expensive modifications. Engine performance is increased because exhaust wrap keeps the exhaust heat in the headers and exhaust which creates faster air flow whilst keeping the engine bay cool which is vital for the intake system.
If you was to upgrade your exhaust system and purchase a high flow catalytic converter while also wrapping the exhaust headers you would see a massive performance increase compared to stock.
Exhaust wrapping is not a myth and it is proven to produce performance gains and also looks great in any engine bay.