Is this considered insight? I have noticed during formal meditation and also off the cushion that everything can be broken down into what seems like an infinite amount of moments. 

For example when swallowing I can notice so many things such as the saliva build up, the intention to swallow, the sucking motion drawing the saliva back, the swallowing motion etc. The same for walking. 
I'm not sure if this is insight or if/how it's helpful to see things this way. At the very least it's interesting to notice how much is going on that we don't usually notice or even need to think about. It all just happens automatically. If anything it helps me to appreciate the amazing miracle of life that we can just either blindly go through or notice what is actually happening and how miraculous it is.  

Is this what is meant by "Insight"?
I'm not sure if this is insight


Insight has many levels. This is very good for starters. As you progress you should be able to see this even to more finer granularity as kalapa.


  If anything it helps me to appreciate the amazing miracle of life that we can just either blindly go through or notice what is actually happening and how miraculous it is.


Any experience should be taken neutrally. You should try to be equanimous. This excitement may prevent you seeing the finer things.

What you are experiencing is transition from gross (olārika) to subtle (sukhuma). More on totality of awareness see this answer.