Yes, travel insurance is worth carrying for a trip through Toulouse-Blagnac, and largely for reasons that have little to do with the city itself. France has excellent hospital care, and EU or UK visitors carry some baseline protection through reciprocal schemes, but that protection does not cover trip cancellation, delayed baggage, or the onward mountain travel many visitors have planned beyond the airport.
Whether your own health cover extends to France depends on your country of residence and specific plan; EU and UK travelers should check their EHIC or GHIC entitlement specifically, and everyone else should check whether an existing plan extends abroad and to France before assuming it does. A standalone travel policy remains the more complete option for most visitors regardless of what a reciprocal scheme technically includes.
Many travelers use Toulouse as the gateway to the Pyrenees, the mountain range stretching south toward Spain that draws hikers, skiers, and climbers to terrain genuinely different from the city itself. Confirm your policy names trekking, skiing, or mountaineering specifically if any feature in your plans, since a routine city-trip policy sometimes treats mountain activity as a separate, uncovered risk.
Toulouse-Blagnac and French air travel generally are subject to periodic air traffic control action that can disrupt flight schedules with little warning; this is a recurring operational reality of French aviation rather than anything specific to this airport, and it is worth building flexibility into connections rather than assuming a tight schedule will hold. Trip-delay cover is genuinely useful here for exactly this reason. Keep any clinic paperwork, airline delay documentation, and receipts for treatment or unplanned accommodation, and check the claims process in your policy wording before relying on either a reciprocal health scheme or an unread travel policy once something has already gone wrong on the mountain or at the gate.