Is the DualSun Wave panel insulation compatible with 40mm and 45mm frames?

YES. The Wave panel insulation is compatible with both 40mm and 45mm frames.

With the mounting kit properly attached in the insulation and screwed into the dedicated hole (which is in the center of the frame too), the insulation of the Wave 250M panel (40mm frame) will be compatible with the Wave 280M panel (45mm frame).