I am experiencing the sensation bugs crawling on both of my legs. could this be caused by radiculopathy?

Likely neuropathy: With your history of diabetes and obesity, it most likely a neuropathy related to your diabetes and has a lot to do with your previous and current sugar control. It could also be a radiculopathy related to nerve compression in your back. The two conditions will need to be scrutinized with history and physical.

No: This would be more consistent with peripheral neuropathy which is one of the complications of diabetes. If your Physician is unsure,consult a neurologist for diagnosis. Either way, good diabetic control as well as checking for b12, calcium,potassium, and magnesium deficiencies are important.