Others have already covered the main points.
Black Soldier Fly (BSF) larvae are great to have! I wish they were present in my climate. They rapidly - like 48 hours rapidly - eat food scraps, converting it to larvae. The larvae are used for feeding other animals like chickens.
Here is a time lapse of them eating fish carcasses.
You might even consider setting up a dedicated BSF bin, to grow and harvest the grubs - assuming you have something like chickens to eat the product. For residential settings they are highly desirable as if well designed they should be rodent proof, and food waste is digested very fast to avoid putrefaction. If the box is suitably insulated they will stay active through winter as well.
We use woodchips in our garden a lot. They are used for mulching paths, with a fresh layer spread each year. We also use them for a deep litter bedding for the chickens, and when well rotted we top garden beds with them. I don't like apply fresh chips to growing areas, because from past experience they tend to suppress plant growth a bit. People seem to have differing experiences on this though.
For the past 12 months we have been using wine cap mushrooms in the woodchips as well, which speeds breakdown and gives an extra yield.
Bottom line; chips are great to have, but are better used not in a compost heap.