You are correct, the old (AKA current) ToS said: "Instagram does NOT claim ANY ownership rights in the text, files, images, photos, video, sounds, musical

You are correct, the old (AKA current) ToS said: "Instagram does NOT claim ANY ownership rights in the text, files, images, photos, video, sounds, musical works, works of authorship, applications, or any other materials (collectively, "Content") that you post on or through the Instagram Services" But I'm not sure why you quoted that sentence and or why you failed to include the sentence after the one you quoted: "By displaying or publishing ("posting") any Content on or through the Instagram Services, you hereby grant to Instagram a non-exclusive, fully paid and royalty-free, worldwide, limited license to use, modify, delete from, add to, publicly perform, publicly display, reproduce and translate such Content, including without limitation distributing part or all of the Site in any media formats through any media channels, except Content not shared publicly ("private") will not be distributed outside the Instagram Services." The above sentence seems to be the most relevant to the discussion started by the parent comment.