Kinda depends on WHICH heat shield we're talking about.
GM sold both a squarebore and a spreadbore heat shield, aluminum with gaskets on both sides. They wouldn't prevent vapor lock, because that happens in the fuel plumbing on the suction side of the engine-driven fuel pump. They were effective in reducing fuel percolation (boiling) in the float bowls, though.
The squarebore shield is still available from Holley, P/N 108-70; I think GM has discontinued both kinds. It would be extremely easy to duplicate these heat shields using aluminum sheet and some carb base gaskets.
I bought a GM spreadbore shield off of eBay years ago, it's still in the paper wrapper.
Here's a photo of the Holley squarebore unit: (disassembled--mine have the gaskets stapled to the aluminum.)