In general, cantilevered steel beams are a nightmare. If part of the steel beam is in contact with exterior temperatures, then it's best if the interior portion of the steel beam is covered on all sides with insulation. This is generally impossible (because the interior portion of the cantilevered beam generally supports a load, meaning that you can't wrap the steel beam in insulation on all sides).
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R-value is the term given to thermal resistance to heat flow. The higher the R-value of an insulation product, the more effective the insulation properties. Spray polyurethane foam comes in a range of densities and cel structure. Low density foams are referred to as Open Cel SPF while higher density foams are referred to as Closed Cel foam. 1.8-2 pound polyurethane foam has the highest R-value of readily available spray foam insulation used in homes and buildings.[4]
Spray foam is a very specialized packing material, often required for use in shipping valuable fragile items. Engineered packaging principles are designed to protect sculptures, vases, large fossils, lamp bases, busts, computers, furniture, chandeliers and other objects of unusual shape. By virtue of the liquid foam expanding by up to 30-60 times the volume of its liquid state, it efficiently protects almost any size, form and weight.

This is more common with closed cell foam, but it happens with open cell foam, too. Since closed cell foam has a higher R-value per inch, installers generally spray 2" in walls and 3" in rooflines to meet the energy code requirements of R-13 and R-19, respectively. (I'm not going to dive into the energy code here, but these numbers apply to many climate zones, the latter being allowed under the UA tradeoffs rule. See the Energy Nerd's blog on this topic if you want to argue.)
Air infiltration and exfiltration within a home contributes to almost 99% of moisture migration. Restricting air movement stops moisture accumulation so that the possibility of mold growth is less likely. Combined with a properly sized HVAC system, spray foam insulation helps control the indoor humidity levels to minimize moisture and condensation. Reducing moisture and controlling humidity can also add years to the life expectancy of a home, plus contribute to a healthier indoor environment. Finally, it also deters pests, making it difficult for them to nest.
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