Pine is approximately 1 R per inch, not even close to what most insulation is. If you have nothing else, it's better than nothing, but I'd say it's far from quite well.
Just looked it up, about 1R per inch.
https://safewarmdry.com/my-column-on-castanet/all-about-wood-chip-insulation/#:~:text=If you compare the R,little or no thermal benefits.
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The short walls on the lean-to area of my barn are only 4" with a 2x4 girt on them, I have 1.5" of foil faced isopoly, that's approximately R-9 based on 6 R per inch. Then I have another half inch standing upright, then a 2x4 wall with r-11. Overall that's 23 R for 7", that's on my thinnest wall. In that 12x24 I had no problem heating it with a 1500 watt electric heater, when the main is heated I should be able to easily heat it with 750-1000 watt, if I use electric.
I would have liked to have at least 3/8 on the whole exterior as a thermal break, and at least an inch under the concrete 4' from the perimeter, and an inch on the outside edge of the concrete inside the forms/skirt board. Unfortunately we/you can't always get what you want
, but I try sometimes lol.