Seems the correct way to parse that is "the GUSD tokens themselves are not insured, whether or not in Earn". The first clause is deliberate obfuscation, and is basically the same as a random member of the public saying "if you give me cash and I put it in my account, that account's FDIC insured" in the hope that this makes him sound like a financial intemediary and not a guy that's really keen for you to give him cash.
