If they are active on instagram then why not, But for me the best media to monitor some updates are the telegram and twitter account of the project because most of the projects are commonly used these two.
I have never used instagram till now. Like it is mentioned, twitter and telegram are the best source of information from the project team. I thought its just me.
facebook and Instagram are not my things, I feel twitter is the best source for information regarding cryptocurrency project, the former are for gossiping
Iam not sure about facebook as I don't really use it but Instagram doesn't seem to be the right channel for crypto? I don't feel Instagram audience are the right one for crypto investments? just a guess though not based on research or anything; I may be wrong.