The term isolator can have several meanings. For example an isolator (or disconnector) may be installed in the line or ground leads of distribution class surge arresters to physically disconnect the arrester from the system in the event of an arrester failure to prevent line lockout. The fault due to the failed arrester must be initially cleared by a circuit breaker or recloser but the line will remain in service when the breaker is reclosed. Surge protection will be lost until that arrester is replaced but the disconnected lead provides visual evidence that the arrester has failed.
I have also seen sectionalizers called isolators because they isolate a faulted section of the distribution system and limit the affected area.