@ravikumarra
Embed component OOTB supports Instagram in three ways you can do it
1) Embed via URL of Instagram as shown below


2) Embed via HTML


3) By using Embeddable by selecting drop down.For this you need to enable the design dialog by selecting policy of Embed component by editing template as shown below.By default Youtube is enabled. If you want to add Instagram then you need to customize the component under below path similar to youtube /apps/core/wcm/components/embed/v1/embed/embeddable/youtube.This drop down value in design dialog is driven by datasource "core/wcm/components/embed/v2/datasources/embeddables" which is a servlet registered refer :
https://github.com/adobe/aem-core-wcm-components/blob/master/bundles/core/src/main/java/com/adobe/cq/wcm/core/components/internal/servlets/embed/EmbeddablesDataSourceServlet.java


Hope this helps.
Regards,
Rajashankar Ramalingam
https://rajashankardigital.blogspot.com/
https://medium.com/@rajashankar-blog