Totally with you on this one. I love just smiling to insults, saying thank you. Not accepting it leaves it with the insulter, which usually makes them even more mad.
Insults are the weapon of the dumb. Yes, they can be packed cleverly and with wit, but they're still an approach from the ego to feed it. They don't add anything positive to the world, ever.
A well formulated critique on the other hand can put the other into their place and give them the chance to improve. It might, okay, probably will still be taken as an insult, but that's up to receiver - just like always when somebody tries to insult us. It works in both ways.
Yes it does. Getting insulted on the field means you are at an advantage.