What does tin foil do when baking a pot pie?
There are three modes of transfer of heat, as you already mentioned: convection, conduction and radiation. In everyday life, practically all heat sources employ all three of them, although the ratios differ. You certainly have all three of them in an oven. 

The foil slows down all three modes of heat transfer, but not equally. First, it is intransparent (or nearly so) for infrared. So, the whole infrared component is practically eliminated. This comes in very handy when you happen to have food whose surface is already well browned but the inside is not yet ready: you cover with foil on top and continue baking. 

The convection is also made much less efficient. Normally, the oven heats the air near the top and the bottom, the air in the oven moves around due to a heat gradient and frequently a ventilator, and so you get hotter air surrounding your food, ready to conduct heat to it. When you cover your food in foil, the hottest air cannot reach the food while it moves around. The only air touching the food is the one trapped under the foil, and that never goes to the heater. 

Third, there is conduction. Conduction is never perfectly efficient. So instead of having the air conduct heat to your food, you have the air conduct heat to the foil, and then the foil conduct heat partly to the food itself (where it's touching it) and partly to the air trapped inside, which then conducts to the food. Now, instead of one energy-loss step, you have two or three of them. "Good conductor" means that this loss is less than with other materials, but it is not zero. 

Then you get a ton of other, more complicated effects. When you bake food, moisture evaporates from the surface. If it gets trapped below a foil, you have a much moister environment, and get a different baking result than without the trapping (although that one is mostly noticeable in the baked surface and less in the centre of the baked or roasted food). 

So, physics easily explain that indeed, adding a sheet of foil (or other material) will give you very different results from "naked" baking.