This particular silicone tape has a heat resistance of 500°F. While flames reach higher temperatures than that, proper wrapping of the silicone tape ensures enough heat dissipation that 1) the silicone doesn't deteriorate, and 2) you can grab this silicone right next to a burning wick without burning your hand.
We recommend watching the video below for our best suggestions on applying this silicone tape to your equipment to ensure its longest lifespan.