Thermal Mass is defined more by an individual material's ability to absorb and store and then slowly release heat.
Water stores more heat than stone for instance. And stone stores more heat than rammed earth. However a "wall" made of black painted
milk jugs filled with water, will not be able to store as much heat as a stone wall that is three feet thick. The stone wall may take much longer to absorb the heat necessary to be able to be more useful in terms of heating the space. There are many variables based on what is desired.
Insulation (or isolation) on the other hand is the ability of a substance to resist the transference of heat through it. It is generally measured as the R value. The R is the resistance that the material has to the transfer of heat for every inch of material. Styrofoam is better than
straw bale by R value, for instance. However, a straw bale wall that is many inches thick has a higher
total R value than a two inch barrier of Styrofoam. It takes thicker Styrofoam (than 2 inches) to be better overall than straw bale.
Whatever materials you use for insulating or retaining heat (and their thickness), will determine how warm the interior of a space can be, given equal heat. What heat is hitting the surfaces and for how long, also play a roll in the warmth of the space.
The two concepts, though both useful in a structure, and can be combined, are up to individual circumstances to determine on a case by case basis as to when to utilize and to what degree. The idea of the build itself can be chosen to include one or the other or both to one degree or another and so it comes down to being partly personal choice as to what is the desired outcome considering of
course the resources that a person wants to put into a
project.
I would definitely say that the question as you posted it in this
thread can be answered in the "no" category.
I hope that's helpful.