The insert is supposed to slow down lock wear by mating the tang with something harder than titanium. According to Tim Reeve, the newer supersteels with a lot of carbides were causing accelerated lock wear (they ended up coming up with the ceramic ball interface as a different solution to the same issue).
You'd have to open and close your knife a lot for that to be an issue, though. There are still a lot of companies making titanium framelocks with no insert and that works fine for most people.
The overtravel stop I believe was popularized by Rick Hinderer, who claimed that he once damaged one of his knives by unlocking it overexuberantly and permanently bending the lockbar. Shouldn't be an issue if you close your knives carefully, but a lot of knife companies don't like to make easy for customers to mess up their knives and send them back under warranty.