novice perspective
Personally, I wouldn't use aluminum foil of any gauge. I tested it with an open flame and I got it to burn through fairly easily.
I have one of those fire retardant cloths, but they're so small, if you're going to have to work at any kind of angle, I believe it's a risk for anyone but an experienced plumber (which I'm not).
The thing that worked best for me was a large piece of sheet metal. It's 'bendable' enough to go around stuff, firm enough to stay in place, and thin enough to fit behind the likely tight spot between yr pipe and wall.
The sheet will transmit some heat, so you should really put a damp cloth behind it to fully protect yr wall.
This may seem like overkill to plumbers, but for a diy-er like myself with less torch handling skills and insurance than a plumber, I'd opt for more protection than less.