In terms of intelligence, there isn’t. What prevents us from actually building a uber-insect is miniaturization, self sustaining energy production of some kind and reproduction in an artificially built system. I guess it would be possible to demonstrate insect level intelligence by actually replacing an insect brain with an artificial one.
Your guess would be wrong. Our actual level of AGI development is maybe more on the level of a flatworm. Complex, social insects like bees are still far beyond our ability to simulate.