Protein, carbohydrates, and fat all require a certain amount of insulin to be metabolized. However, normal amounts of protein don't have a very significant impact on your blood sugar, which is what stimulants the release of insulin. Any of these three macronutrients (protein, carbs, fats) can end up being used for energy, which can impact your blood sugar and cause an insulin response.
Protein powder can be thought of as a lean protein food without many carbohydrates or fat, similar to egg whites or grilled chicken breast. You should not use protein powder to manage hypoglycemia or as a replacement for your diabetes medication.
We always recommend consulting with your physician before starting any new dietary supplement, especially if you have any pre-existing medical conditions or are taking medication.