Months after announcing the option, Instagram has this week started rolling out its new activity tracking dashboard to all users.

Facebook announced the new digital wellbeing measures in response to a report about the dangers of social media consumption, released late last year, which found that passive engagement can lead to negative mental health impacts. The tools are also part of a broader effort by digital platforms to help track usage - both Apple and Google have also introduced screen time reports and measures to make users more aware of their time spent online.
Instagram's been testing its 'Usage Insights' dashboard for a few months - code expert Jane Manchun Wong spotted the tool in testing back in May.

As you can see from the top screenshots, the tool not only informs you of your time spent (both total and average), but it also enables you to put limitations on your activity to better manage the same.
The key question, however, is will people use it? Do you really want to know how much time you've been spending on Insta when you could have been doing something more productive?
Definitely, there are benefits to it, and it's not Instagram's - or parent company Facebook's - responsibility to tell you how to spend your time. But the addition does seem more aligned with placing the onus on users, as opposed to actively seeking to reduce negative behaviors.
Either way, it's another option to consider, and it could also help provide insights into engagement previously unavailable outside of Instagram HQ.