What platform is it being used on?
A suppressor wrap does 2 things well: mitigates mirage, and protects things (like your hands/body) from the suppressor heat.
If mirage is a consideration (doesn't take many shots through a suppressor for mirage to occur), than a suppressor wrap is very useful. Necessary for precision rifle work if you shoot more than a few shots.
It's also handy to protect against the heat a suppressor generates. If you are going to be putting the suppressor close to your body after shooting or between strings, a suppressor wrap is really helpful.
I use suppressor wraps on my precision rifle for any strings of fire that exceed 3 shots, otherwise the mirage can get unbearable. I don't shoot much AR-15's, but when I do, I generally forgo the suppressor wrap. But I don't sling my AR-15 on my body after shooting, otherwise I would be using something like an RO HAD.
So, it really comes down to what platform and how you are using it, and if you need to mitigate mirage and protect yourself or others/objects from the heat a suppressor generates.