I have replaced MILES of molded saturated ½" wall insulation on freezer suction lines. I would never use it on a freezer.
I have also, in the worst situations, tied and foil taped the liquid line to the suction line together, and used a larger diameter amor-flex, but, always 1" wall, and insulation tape on the joints.
If there is the least chance of moisture infiltration, poke tiny holes on the bottom of the sleeves to let moisture out, seams on the bottom of split tube.