If the thing that looks like a return wire in autotransformer areas is an aerial earth, why does it need to by insulated (even by single-shed insulators) from the masts, which are themselves surely earthed?
Well its easier to start from the beginning - there are three basic types of 25kV installations - rail return, booster transformer and autotransformer.
Rail return is the simplest - it simply has the live 25kV conductor and attaches the earth at the substation to the rails. This means current flows through the conductors and back through the rails.
This unfortunately causes interference with track circuits and coupling to the signalling cables.
Next we have booster transformers - this is a rail return system but with an additional 'return conductor'. Booster transformers are positioned along the system and use the traction current in the main conductor to drive the return conductor to a non zero voltage 180 degrees out of phase with the main one.
This makes the rail return current flow to the nearest booster transformer and then through the return conductor - reducing coupling to signalling system.
The insulation is required because the return conductor is at ~500Vrms.
Autotransformers - this is the rail return system but instead of a low voltage return conductor has an autotransformer (essentially a centre tapped transformer coil that isg rounded in the middle and attached at one end to the main conductors) that couples the 25kV circuit to the -25kV circuit that flows through the second conductor.
As this conductor is at 25kV (-25kV in this context means it is 25kV and 180 degree out of phase) it requires a full set of insulators.
This means a current (Say 100A for example) flows through the main conductor and the rails to the nearest autotransformers - at which point superimposed 50A currents flow from the autotransformer to the substation through the main and antiphase conductor.
This reduces coupling to the signalling system like booster transformers but also drastically reduces resistive losses, especially in high power installations.