If you meant what I understand you did, no, don't insulate it. Air must be free to go in the perforated sections of the soffit, in-between the top plate and the roof sheathing, and up through the attic and out the ridge or gable vents. Even the best sealed and insulated houses leak heat and moisture into the attic. If the moisture isn't vented, it condenses creating problems from inefficient, wet insulation to mildew and rot. The heat melts snow allowing it to run down and form ice dams in the gutters.
Bad outcomes.
The sections of soffit panel rest in a channel formed by the lip on the fascia cover and an ''F'' channel. Usually they are slid in from one end with very few nails if any. You should be able open one end and slide them out. I don't think you want to put insulation on top of them.
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