That’s not really a concern and it’s a very odd thing for anyone to tell someone. With old race cars that were turbo’d there was some slight concern with coking the oil, but that’s old technology and race cars pushed to the limit. You’re talking about a tractor motor using a few pounds of boost on a new modern turbo. Apples to oranges really.
And the turbo blanket doesn’t cover the center section where the oil is, it only covers the exhaust housing. There is no reason not to use an exhaust blanket on a modern turbo in a street car except for people trying to cut costs.
As for turbo timers on water cooled turbo it’s completely unnecessary