The static spine stays the same after cutting the arrow, because that is a characteristic of the shaft itself. The dynamic spine of the arrow changes with it's length, point weight, and less commonly with its tail weight.
While the static spine has a number, e.g. .500, I have never heard of a number associated with dynamic spine. It is described instead as a change from a previous condition, e.g. the dynamic spine increases as the shaft is cut shorter, or the point weight is reduced.
My experience is that an insert (without considering the weight of the insert) effectively shortens the shaft by the length of the insert, because it essentially eliminates the bend in that part of the shaft. As the weight of the insert increases, the additional weight begins to offset the effect the insert itself has in reducing the effective length of the shaft, and at some point may become heavy enough to reduce the dynamic spine of the arrow. My experience is that if the purpose of the additional weight is to reduce the dynamic spine of the arrow, that is best accomplished by increasing the point weight. If the purpose is to increase the weight of the arrow with as little effect on dynamic spine as possible, that is best accomplished by using a weighted insert.
Dynamic spine changes dramatically with arrow length, and more gradually with point weight. I have had cases where I have increased insert weight to attempt to reduce dynamic spine with little result, and in one case, the dynamic spine actually increased when the additional weight went behind the existing insert, thus effectively reducing the effective shaft length .