Bought an older home . Basement confuses me

This basement is half finished . Does anyone know what's the material used in ceiling ? Does it offer insulation ? . If I have to use rockwool to insulate the ceiling should I do it behind this ? Or just take the off ?

This basement is half finished . Does anyone know what's the material used in ceiling ? Does it offer insulation ? . If I have to use rockwool to insulate the ceiling should I do it behind this ? Or just take the off ?