Is this a draw or not?

If both players only have a king and a knight, is the game considered a draw due to insufficient material since a checkmate is very unlikely?

Yes, mating with a knight is impossible. If you had a bishop and a knight, it would take you long, but it would be possible.

See also: www.youtube.com/watch?v=UpzbiSUx2_4 ("How To Checkmate With Bishop and Knight EASY" from
agadmator's Chess Channel)

No, if both players have a king and a knight the game is not considered a draw. Once one of the players loses their knight it is a draw. If both players have a king and a knight and one of them runs out of time the other one wins the game.
For example in the position white Ka1, Nb1 and black Kb3, Nb4 with black to move it is a checkmate in one move.

@M0r1 said in #3:
> No, if both players have a king and a knight the game is not considered a draw. Once one of the players loses their knight it is a draw. If both players have a king and a knight and one of them runs out of time the other one wins the game.
> For example in the position white Ka1, Nb1 and black Kb3, Nb4 with black to move it is a checkmate in one move.

Okay, there are exceptions which can lead to a checkmate. Good point!
Yes, there is also the possibility of running out of time, haven't thought of that :-)
You are right... even is a position with one knight on each side is (usually) equal, the game is only a draw when one player loses their knight.

I am sorry for having been vague and for potentially having caused confusion here. Have a nice day everyone!

@M0r1 said in #3:
>
It came as a shock when I was spectating this game (lichess.org/VHhxqovr/black) and black lost on time. I think it's nearly impossible to mate with a king and a horse because you'll huge amount of help from your opponent to do so.