The answer is yes, but no, let me explain...
Heat flow is proportional to the thermal conductivity of the insulating material, and to the temperature gradient, $q = -k \nabla T$. If you have temperature $T_i$ inside and $T_o$ outside, and an insulating layer of thickness $h$ and conductivity $k$, the rate of heat loss in constant regime will be
$$q = k\frac{T_i-T_o}{h},$$
which becomes ever smaller as you increase $h$, so extra insulation does have an effect.
On the other hand, if you already have a thickness of insulating material $h$, the effect that extra insulation will have on the heat loss rate is proportional to the derivative of $q$ with regards to $h$,
$$\frac{dq}{dh} = -k\frac{T_i-T_o}{h^2},$$
so the effect of extra insulation is ever smaller, and will eventually become negligible.