It's not so much protecting the hose as helping to keep intake temps down. The exhaust manifold is right next to that hose and the temperature of the gases in there are somewhere around 800 degrees I believe. Since this is significantly warmer than the charge air coming out the turbo the heat wrap helps to prevent the exhaust manifold warming up the charge air any more than is needed.
 
Not sure mate but at the end of the day your intercooler can only do so much, better not to let temps go up in the first place.