I haven't tested it, but 350 over a longer time will probably do bad things to leather and ink. If the plastic doesn't stick to anything it might provide a bit of thermal resistance that could help.
It it does stick then obviously it's useless.
Fireproof safes have come a long way. Years ago, the use of one made stamp collection insurance void as they provided the protection by having moisture boil out of the firebrick. Not a huge problem for cash or most documents, but for stuff coated with water activated adhesive it was very bad.
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