Licensed contractor here. Only saw "Digging out basement?" and "diy" and just wanted to stop by to say... No.

I would spray foam the cavities inside the floor joists over the walls. Glue some 2" foam board to the walls after putting down heavy plastic. Let the plastic come up the walls a bit so foam board will pin down edges. Foam seal gaps and seams, foam seal any penetrations. Then add unfaced fiberglass to joists.