Here, followers and the following list visibility can be divided in two sections. First is the count of followers and following. And, second is a list of Instagram accounts which are following your account or you following them.
Hide Instagram followers and following total counts
You can not hide total count numbers on Instagram, which are displayed with your profile (near profile picture).
This followers and following count will displayed with all type of account privacy (Private, Public) and with all type of profile (Business, Personal, Creator).
Hide Instagram followers and following list
The only way to hide Instagram followers and the following account list is ”Private account”.
With a private account your followers and following list are only accessible by users whose following request you accepted. And, the list will not open for unknown users.
To hide followers and the following list from unknown visitors, you can set your account type private from the “Profile > Settings > Privacy” setting screen.
Hope you find answers helpful.