The blue isolant in space will not be ruined by the cold, but by the vacuum. From the glue, and from the insulator itself, all volatile components will immediately go away, and it will stop gluing and become hard and brittle. Even if astronauts have time to wrap it before it happens, the vacuum and ultraviolet radiation of the Sun will destroy it in a few hours. In general, most plastics in the vacuum are incapable of existing, except for teflon, polyimid and some others. A polyimid insulator exists (thermal resistant), but its adhesive layer still does not withstand vacuum. There is no alternative to the wire.