Anything above 1 will run faster than normal and may end up skipping frames entirely. Anything between 0 and 1 will play at a slower speed than normal. 1 is the 'normal' speed which is 1 frame for every step. Image_speed - This is how quickly the animation of an objects sprite will play.
You can use it to do things like reseting an animation to the start or checking it to time things occuring like having a footstep sound play at exactly the frame when the foot contacts the ground or so. Here you will find game icons, sprites, tilesets, gui, characters and more. Image_index - This lets you get or set the current frame of animation for the sprite the object is using. Craftpix offers high-quality 2D game assets for your project.
For example, with your insect game you could have an animation for flying and one for walking and switch between them. It can be handy for things like if you wanted to switch from one animation to another. Sprite_index - This lets you get or set the sprite an object is using. Some functions that would be relevant to sprites and animations that you may want to look into. Especially when working with any functions you aren't familiar with. Whenever you have an issue be sure to check out that manual (F1) first. The Gamemaker documention is very handy and makes a great reference. Just some further info that may help you along since you're just starting out.