@Ludhaa,
I don't have very much specific knowledge about fusion reactions, but I will take an educated guess.
My understanding is that the magnets are there to contain the reaction. At those temperatures there aren't many options to make sure the reaction doesn't fall to the floor. I think the magnets are there to keep the reaction in the place they want it. This doesn't specifically deal with the heat...
However, if you can ensure the reaction happens in a vacuum for instance... inside of a container that can withstand a high heat with the magnetic field ensuring the hottest parts of the reaction don't contact the wall, then you could have a sustainable, fully contained fusion reaction. In this case the vacuum would provide insulation.
I don't know the details... but I imagine that that is what happens.