Insulated. No question.
Some people might like just socks for sitting at 27 degrees, but not this guy. I actually hunt in Schnees Hunter IIs (with liner) and the taller the better. I wear Xtratufs and lacrosse Alphaburlys too but the Schnees cross just as much swamp and water and feel a lot nicer. I take two pair of liners and always have happy feet.
Insulated for sure. I'm usually wearing Simms chest waders and their insulated boots, or Lacrosse Alphaburly's tho I'm back on the hunt for a better option as their soles are de-laminating after 2 seasons (second pair)