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Yea it helps. It also helps because it keeps heat out of the cabin. In wet states, on a daily driver, I definitely would not recommend you wrap your exhaust system(don't have to worry about this in Cali). As Doax pointed out, it will accelerate rust due to water getting trapped between the wrap and the exhaust. Now there are Silicone spray lube specifically designed for header wrap to combat this problem, but I have no idea how good it works in a long term scenario, especially on a car that gets driven on a daily basis.
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