I was curious, so I just test-burned a piece of scrap space blanket material.
It didn't burn as well as I thought it might have. The heat makes it shrink and crumple, but it still takes a bit to light.
It did start to actually burn, but the fire didn't "take-off" the way it could have.
In my very rough, non-scientific test, I would say that the space blanket probably isn't any more of a fire hazard than craft-paper-backed fiberglass.
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