Was Jesus insulting the Canaanite woman when He called her 'woman'?

No. In the Greek, the term rendered 'woman' was a term of respect, not a degrading or insulting term. When Jesus addressed the Canaanite woman as 'woman,' He was not putting her down; He was respecting her person and commended her great faith.

Les explains that the word 'woman' as used here, and as Jesus addressed Mary, was not the degrading term it can be today. In the Greek it was a term of respect, so when Jesus referred to her as 'woman,' He was not putting her down but respecting her person. He then said, 'woman, great is thy faith.' Les also notes that this Canaanite woman is one of only two Gentiles Jesus ministers to in His whole earthly ministry, the other being a Roman centurion. In contrast to the Jew, she acknowledged that this Nazarene was the son of David.

Matthew 15:28

Then Jesus answered and said unto her, O woman, great is thy faith: be it unto thee even as thou wilt. And her daughter was made whole from that very hour.

What did Jesus mean when he called the Canaanite woman 'woman'?

When Jesus called the Canaanite woman 'woman,' He was not putting her down. In the Greek, the word was a term of respect, not a degrading label as it might seem today. He was respecting her person, and He followed it by commending her great faith.