CPVC pipe systems do not require insulation. Insulating CPVC pipe is reserved as a recommendation to aid pipes exposed to sub-freezing temperatures. Hot water CPVC pipes also can be insulated to aid in heat / energy retention in the system.
CPVC has an increased resistance to temperature change when compared to metal / copper piping systems due to CPVC's lower thermal conductivity value. This property means CPVC does not as readily absorb or release heat energy and promotes a more constant temperature for the fluid being piped.
This contrasts from metal piping systems where copper pipe has a thermal conductivity value 2500 times greater than CPVC.
It doesn't require insulation. But in a cold climate, it helps keep the pipe from freezing or helps hot water stay hot to save energy. The insulation of the plastic itself is not worth considering in a practical world sense, but it does measurably keep heat in better than copper pipe if you want to prevent loss. On the other hand, if the pipe is buried in the floor to heat it with circulating water, then insulation is undesirable.