There's this awesome new invention called 'gloves', when you wear them on your hands you don't get fibreglass splinters!
I wrapped the extractors on my old car and it made a pretty significant difference. I found it gave me a performance boost as the exhaust gasses were staying hotter for longer, which was evident from the extreme glow of the extractors.
It's this reason that some people say wrapping extractors is bad. Wrapping isnt to keep the outside colder, it's to keep the inside hotter! Hotter gasses flow faster, but it also means the metal that your extractors are made out of can become super heated (it's not uncommon to glow white hot, through the wrap!) which can break down the properties of the metal and eventually dissintegrate them. I've read stories of people unwrapping their 'extractors' to find no metal left at all!
Having said that, since the advent of HPC coating, wrapping has become pretty old school and obsolete.