Not as concrete as the answer of Artefacto, but based in his suggestion of using array_slice(), I wrote the next function:

function arrayInsert($target, $byKey, $byOffset, $valuesToInsert, $afterKey) {
    if (isset($byKey)) {
        if (is_numeric($byKey)) $byKey = (int)floor($byKey);
        $offset = 0;
        
        foreach ($target as $key => $value) {
            if ($key === $byKey) break;
            $offset++;
        }
        
        if ($afterKey) $offset++;
    } else {
        $offset = $byOffset;
    }
    
    $targetLength = count($target);
    $targetA = array_slice($target, 0, $offset, true);
    $targetB = array_slice($target, $offset, $targetLength, true);
    return $targetA + $valuesToInsert + $targetB;
}

Features:

• Inserting one or múltiple values
• Inserting key value pair(s)
• Inserting before/after the key, or by offset

Usage examples:

$target = [
    'banana' => 12,
    'potatoe' => 6,
    'watermelon' => 8,
    'apple' => 7,
    2 => 21,
    'pear' => 6
];

// Values must be nested in an array
$insertValues = [
    'orange' => 0,
    'lemon' => 3,
    3
];

// By key
// Third parameter is not applicable
//     Insert after 2 (before 'pear')
var_dump(arrayInsert($target, 2, null, $valuesToInsert, true));
//     Insert before 'watermelon'
var_dump(arrayInsert($target, 'watermelon', null, $valuesToInsert, false)); 

// By offset
// Second and last parameter are not applicable
//     Insert in position 2 (zero based i.e. before 'watermelon')
var_dump(arrayInsert($target, null, 2, $valuesToInsert, null)); 

Not as concrete as the answer of Artefacto, but based in his suggestion of using array_slice(), I wrote the next function:

function arrayInsert($target, $byKey, $byOffset, $valuesToInsert, $afterKey) {
    if (isset($byKey)) {
        if (is_numeric($byKey)) $byKey = (int)floor($byKey);
        $offset = 0;
        
        foreach ($target as $key => $value) {
            if ($key === $byKey) break;
            $offset++;
        }
        
        if ($afterKey) $offset++;
    } else {
        $offset = $byOffset;
    }
    
    $targetLength = count($target);
    $targetA = array_slice($target, 0, $offset, true);
    $targetB = array_slice($target, $offset, $targetLength, true);
    return array_merge($targetA, $valuesToInsert, $targetB);
}

Features:

• Inserting one or múltiple values
• Inserting key value pair(s)
• Inserting before/after the key, or by offset

Usage examples:

$target = [
    'banana' => 12,
    'potatoe' => 6,
    'watermelon' => 8,
    'apple' => 7,
    2 => 21,
    'pear' => 6
];

// Values must be nested in an array
$insertValues = [
    'orange' => 0,
    'lemon' => 3,
    3
];

// By key
// Third parameter is not applicable
//     Insert after 2 (before 'pear')
var_dump(arrayInsert($target, 2, null, $valuesToInsert, true));
//     Insert before 'watermelon'
var_dump(arrayInsert($target, 'watermelon', null, $valuesToInsert, false)); 

// By offset
// Second and last parameter are not applicable
//     Insert in position 2 (zero based i.e. before 'watermelon')
var_dump(arrayInsert($target, null, 2, $valuesToInsert, null));