HVAC issue - What's the material that surrounds the air intake of a central air unit?

I'm in Florida and have central air. The drain pipe was clogged and the drain pan overflow switch didn't function. The water dripped into the air intake box and now it's soaked.
What material is the intake box made of? It's a spongy type of insulation. Does Lowes/Home Depot have it? Can I cut it and drain the water out? What's the purpose of the "insulation"?

Use only something that's highly resistant to fire, like fiberglass or rock wool. Do not use any type of foam plastic -- no styrofoam, no expanded styrene, no urethane, no isocyanurate, no matter what the claims of fire resistance are (by some standards, fire wood is considered fire resistant). If the insulation is rigid, it's fiberglass that's been compressed to twice the density of fluffy fiberglass insulation and is like the type used for ceiling tiles.

Sometimes it's better to go to a building supply rather than a home center.

you most likely dont need that as most dont have it.

Thanks. I'll cut out the bottom area and leave the side insulation. It's probably compressed fiberglass.

the only thing i can think of is to keep the air intake walls from sweating.

are you in a very humid area and/or is one or more sides of the air intake box an exterior wall?

Gotta watch for any mold/mildew that may start. Make sure everything is totally dry