There is going to be negligible insulating effect from the silkscreen, and as jpanhalt mentioned it could actually end up being the opposite. There is typically no production guarantees of silkscreen thickness, material, line width, quality, etc. I am sure this cannot be considered for safety approvals, and certainly the safety consultants I've dealt with would laugh at the concept.
I've seen this done on many PCBs, especially on Chinese designed products. I think it has become popular as people often copy from other designs. It could be considered an indication that someone was at least thinking about clearance requirements. I generally would use silkscreen for mechanical clearance markings like around screw heads, and use my EDA tool keepout, restrict, & net class rules for critical stuff like electrical clearance and component interference (e.g where a plastic housing touches a PCB).
Use slots or conformal coating if you cannot otherwise maintain required creepage/clearances.