You can't socially outcast your kid like that. Seriously, any problems you thought they'd have because of Instagram are nothing in comparison to being a social outcast that never develops skills for making friends and forming relationships because their parents felt the need to kneecap that communication method which is so modern.

Teach your kid about the dangers. Use the systems in place (ie Screen Time on iOS) to help shape the way they use the technology, and be open and honest about what worries you. If your strategy for helping the kid is predicated on "I told you so"s, I may have found the reason why they keep breaking security systems.