Bug bites are my staple food in my large fishroom. They aren't a treat food. However, the fish I keep are natural insect eaters. You have to look up info on your fish to know what their diet should be.
When I was a kid, I was given great advice about flake foods, and I've stuck with it for over 50 years. It was to always have at least 3 different types, and to rotate feedings so all fish have their needs met. Right now, I have bug bites, Tropical Brand insect pellets, a colour food and a shrimp/kelp based food. I also feed a lot of live foods, but that's for a different post.
All processed fish foods tend to claim miracles, but I am very impressed by soldier fly larvae and other insect based foods as staples. Your Otos won't go crazy for any flakes, but the usual tetras and danios are insect predators in nature when they get a chance.