Cedar is used to build closets in homes to store clothing and the idea is that it keeps moths out and as far as I know it does a good job of it.
Cedar mulch is different, its not in an enclosed environment and is subject to the elements, sun, rain, etc...
It will not repel as many insects as you think it will once mother nature beats down on it.
Here in southeast Louisiana Formosan termites love to dine on cedar. As for pine bark mulch, it will attract termites, as they love to feed on pine. Go with pine needles or cypress, bugs don't like to eat either one, but will still nest in these mulch types and any mulch type for that matter.