Open cell foam is also called a sponge ! It will hold water. If it hold water, it can mold.
And we still use it in residential construction here all the time.
I agree - if you have a leak, this type of insulation is not ideal. Neither is bat, cellulose, or perhaps anything other than closed cell foam.
I have a 2400 sqft building in the south. I cool it with 2 x 24K BTU units. This was less expensive than a 36K unit and it also allows me to run one unit when the temperature isn't that nuts. Solves the "multi-head" problem too...
My insulation is about 1/2 of what you're installing. Our summers are more extreme, but your winters are more extreme.
Inverter units are less sensitive to short cycle than traditional heat pumps - I get called out on this - I mean LESS sensitive as they can throttle back.
One concern for you is in really cold weather heat pumps decrease in capacity, so take that into consideration.