You can still use Instagram on your browser, without being shown the banner. Works for me with Firefox on Android.

If you do decide to opt for the subscription (I hope you don't) do it from your desktop browser since it costs 10€ instead of 12.99€. I haven't tried it myself, but that's what I read on a German website.

I still need to use the app to stay in touch with some friends and to get updates from smaller organizations that do not have a Web presence or newsletter.

I uninstalled Instagram when I was shown the banner. Not out of principle but I simply don't know which action would send the right signal. By continuing to use the app for free I would be sending the signal that I do not care about my privacy.

So do I pay for the subscription? I read somewhere elsewhere Meta makes more than that off me using targeted ads. So by subscribing do i still get to use the service and they make less money off me? There's no guarantee they honor the no tracking even if I pay.

So I've just uninstalled the app for now.