Since there is very little mass of heat inside a water tank or waste tank and the tank may be located in an area at ambient temps, insulation will only slow the freezing process, not eliminate it. At cold temps without supplementary heat, the insulation will eventually reach ambient temperature, as will the tank.
I think the OP may be better served by installing tank heaters. They direct heat onto the tank surface and that heats anything inside the tank. Insulation between the tank heater and the outdoors is a good idea.