The 'flash' and fiberglass is the way to go. It doesn't take much of a wind to create a lot of cold air infiltration into your heated garage.
The spray foam seals the 2x4's to the exterior siding, plywood, 1"x's, or the worst: Lap siding. The foam SEALS the wall, no more air infiltration.
The unfaced fiberglass bats fill out the wall airspace, and then your drywall or other wall covering.
I did not have the $$ to spray foam my shop when I first moved in. It is pole barn construction. For the ceiling I used 2" foam board with a layer of aluminum reflective on the inside side. The boards are 4'x12'. And for the walls, I cut and inserted 1.5" foam between the purlins, and behind the posts.
While the insulation helped, there is still a lot of infiltration around every exterior plywood seam and joint. When the barn would hold 50* on a 30* calm wind night, if the wind was 10-15mph with the same temperature, the shop would be only 35* in the morning.
I've learned that a small amount of infiltration will negate a LOT of insulation.
So, I had the exterior walls given a thin, 1" layer of foam, that went over the foam boards, sealing the inside wall surface to the posts, poles and purlins. The gaps between the ceiling boards had widened over the years, who knew that white foam-board shrinks ?? Anyway the gaps were sealed as well as all the light fixture boxes.
NOW, the wind can blow, and there is almost no change in inside temperature between a windy or a calm night. I still have some leaks around the rollup doors, but I'm working on that.
I would NEVER build any heated structure in a cool to cold environment without spray foam sealing the walls.
The '600' kits that I have used are 600 board feet of foam, if the temperatures of the foam chemicals are properly controlled. These kits cost about $600 each. I used 'Green-It' foam products from the chicago area. Also used to be a 'Tiger Foam' company in Pa I think. Google is your friend.
Energy costs will not go down, so whatever insulation you install at this time, will continue to pay you back year after year.
Lsfarm