In addition to the muffler heat shield, an insulation pad was provided for the floor of the rear trunk under the fitted carpet. On my 76 this was a vinyl covered soft flexible pad (I assume foam or fiber of some sort) between 1/2" to 1" thick. I don't know if previous year cars had this or not.
Insulation like this doesn't stop the transfer of heat, it only slows it. So, for short periods of time it will help keep the rear trunk cool. But from my experience, on long drives, the trunk contents still become warm. The rear trunk is an enclosed space with no means for heat to escape. Given enough time, it will eventually reach the temperature of the ambient air below the trunk floor. That air is tempered by the out side air, engine cooling air, hot engine/tranny air, exhaust system air, etc. In other words, plenty of heat.