Thermal mass is hard to explain but easy to understand. At least for me - maybe somebody else can explain it better.
Basically radiant heat heats objects, not air. Those objects in turn become secondary radiators of heat. Perhaps think of them as increasing the surface are of heat.
A recent poster mentioned their experience with thermal mass. The placed a clay flower pot for a hide over or under (can't remember) a heat source and found the cool side of their cage was suddently 8* higher. Why? Because of the increase in thermal mass. The flower pot heated up and helped distribute the heat around the cage.
Thermal mass can be increased both inside and outside of the rack tubs. The easier way to do it inside is to use hides and water bowls made from objects with good thermal mass. Heavy ceramic bowls and flower pots are good examples.
For the outside, a 1/4" thick layer of expanded PVC between the heat source and tub is a good idea, at least for belly heat.
Regarding the reflective insulation and the air space, I'm not completely comfortable getting into that and making recommendations. Just understand that some reflective insulations need to be treated carefully in regard to fire hazzards and that if they're sandwiched without an air space they no longer reflect the radiant energy.
This is a confusing subject. There's lots to learn online if you care to do several google searches.
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Current snakes:
0.2 Gonyosoma oxycephala - (Silver/Yellow)
3.3 Gonyosoma oxycephala - (Green)
2.1 Gonyosoma janseni - (Black)
3.3 Gonyosoma janseni - (Black & Tan)