It depends on how warm the space is verses how warm you want it. If you are overheating in the space with the pipes, then insulation helps control the heat loss.
I insulated my pipes because my boilers are in a remote building from the house. I only need to keep the building above freezing. Any more when I am not out there is wasting coal.
I also insulated the primary but not the secondary piping in my house. I was getting too warm in my basement and again I didn't want it that warm down there.
If your temperature is fine, don't worry about it. You want some heat in the basement to keep the humidity in line.