Well, some months later from this original post, I updated to the latest IOS and immediately after I started to see my battery drain rapidly ... after some diagnostics to tell me that my battery health wasn't an issue, I looked at power usage and Instagram was running at 86% ... since I didn't know what it was running at before hard to tell if that is normal. That said, while using any other app my phone doesn't get hot, battery doesn't drain quickly ... only when I'm using Instagram ... I reset my phone, I deleted and reinstalled the Instagram app, I updated my iOS to the latest version and still experiencing major drainage and heat when using Instagram.
I tried to connect with Instagram and obviously got nowhere since their Customer Service is non-existant ... my deduction says that this is a direct result of the updated iOS that exposes a power usuage issue for Instagram as it was working without any issue until I ran the update.
This is clearly not the first time there have been power management issues with Instagram as the community history illustrates ... it's very frustrating though and would really like to get a viable resolution to this ... even if that means that Apple is aware and working on a fix ... because I used to only have to charge my phone once a day and now I'm constantly having to plug in. (I'm on a 13 Pro Max).