I selected the right product to tame about 90-100 hz and covered with a gauzy, decorative fabric. . So yes, insulation can absorb lows if it's what the sound reflects from.
That’s just mid bass and not what I’d consider “lows.” The worst bass issues typically occur well below 90Hz — think bass guitar, drums, cello, tuba, lower piano registers, etc. Around 100Hz you’re looking at things like the lower regions of the electric guitar, tenor sax, male vocals, etc. that don’t tend to cause major issues in most rooms. Absorptive panels can’t do anything to deal with the lower bass issues that frequently plague listening rooms.