Only one of those factors is considered for the purpose of R-value.
That being said, all insulations are not the same.
Make sure that you find out how many air changes per hour your home will have.
To reduce air infiltration, a spray application is the best method because it gets behind outlets and receptacles.
It seals around wires, plumbing, and heat runs. It even sprays behind wall partitions. This creates a seal inside all of the cavities.
To reduce the amount of air changes per hour, the entire envelope of the building needs to be sprayed from the framing above grade all the way to the ceiling.
Another very important step in sealing the walls is to caulk and or foam the cracks between the framing.
May times you will even see day light through those cracks, but even the ones you can't see through add up to a great amount.
How much? How about leaving a window partially open in your home on a cold windy day. That is the equivalent. So, by caulking these gaps, that greatly helps reduce the transfer of heat through the wall, not just through the product.