While 2FA (two-factor authentication) is important and we highly recommend adding that extra layer of protection, it’s not always enough and lots of accounts still get hacked despite having 2FA enabled.
2FA can help prevent a significant amount of hacks because while the hacker can use social engineering to obtain your password, getting the time-restricted code can be tricker, but hackers have already found a way around it. This includes using a mix of social engineering, technical manipulation, and sim swapping attacks to trick you into giving them your code. We have a whole article going into depth about how multi-factor authentication is not completely unhackable here.
If you want to protect your account in the best way possible, you need two-factor authentication AND insurance for your Instagram account.