Yes. This is mainly due to the resistivity to oscillatory (heat) energy transfer at the interfaces (surfaces of the changes of medium) - plastic and air.
Bubble wrap is made up of many small pockets of air. Air is a relatively poor conductor of heat, it mostly transfers heat via convection (movement of the heated air). The bubble wrap prevents the air...
The bubbles should be INSIDE. This way any given section of the surface is protected by several bubbles at the same time (since the external plastic layer will distribute the sharp impact on a group...