Instagram links not opening on Instagram app. Fix for May 2024 issue.

Go to your Android Phone's Settings then Apps then select or search "Meta App Manager" and then deselect the "open supported links" from defaults.
Now same way, go to instagram from settings/apps. Then select defaults, select open supported links and inside the supported web addresses, select the "www.instagram.com" link.
Thanks u/dunkey_roll from reddit/instagram.