There is a way to hide Instagram following and followers list using the Instagram app. By default, anyone on Instagram is able to see who is following you and who you are following.
There is really only one way to hide that on Instagram.

First, you'll have to make sure you have a personal account. You cannot do this with a creator or professional account.

Then, you'll need to make your personal account private. With private accounts, you'll hide your Instagram following and followers list.

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