I'm not saying that a piece of sheet metal is a bad idea, but:
If you use aluminum flashing, it's plenty easy to melt through it when the torch hits it.
If you use steel, the metal will be hot when you touch it (all the way to the edges), and it can easily transmit heat to whatever it is touching (a glowing spot can ignite combustible material behind it).
The shingle doesn't burn, doesn't transmit much heat, and stays cool at the edges. But it's not flexible, which makes it much less useful. It can also spall a bit with enough heat on it (not much of an issue, IF you're wearing safety glasses).
The cloth can be stuffed into the space behind a pipe in all sorts of places, and takes heat very well. You can put it in your palm, and heat the other side until it glows. And the grommets make it easy to hang on a nail where you need it. I'm a cheapskate, and used scraps of shingles for a long time (still have a few around for this use), but the black cloth they sell nowadays is a game changer. Years ago, the cloth had to be wet, or it would burn. Even fiberglass cloths can only take so much heat. This stuff is not invincible, but it's still pretty amazing in what it can withstand.