I would say yes ...
... and here's why.
It doesn't matter to the game, and it is cleverer and more rewarding to be resourceful.
It would be sad to let this be another sticking point for no-fun DM's to call foul from left field: "Oh, but did you collect all the specific insectoid spell components each day as well as your essential oils for the herbalism kit?" Nobody wants to play that kind of game for long, do they?
It's very easy to say "DM, I carry a pouch of various insects I've collected and I feed them and make sure they are well." But it's not necessary.
Lastly, the spell's wording doesn't say that the cloud of insects is vaporous, spiritual, illusory, or of only one kind of useless insect. It could quite possibly have 5 wasps in it and maybe even centipedes and spiders and one scorpion. Maybe that was someone's intent.
In most situations that fun should rule over debbie downer; this is an easy call.
Of course is should be allowed.
The RAW do not imply that it is not possible. A player should be rewarded for this clever association between the two staff uses, as well as freeing up a spell caster from being encumbered by unnecessary spell parts, for say, if recovering from being prisoner and losing all their gear and finding only this staff.
It's also an easy leap to say: "Look, the cloud of insects is harmless, and when you giant a couple of them they respond to the spell that cast it. This is at least 4th level magic happening here."
When I read the RAW of it I don't see any contradiction. It's completely dependent on wanting creative solutions in the game or not.
