No, Instagram does not have the ability to read your text messages. Instagram is a social media platform that operates within its own ecosystem, and it does not have access to the content of your text messages or any other applications on your device. Instagram primarily focuses on the content and interactions that occur within its platform, such as posts, stories, comments, and direct messages exchanged on the app.
However, it's worth mentioning that Instagram's parent company, Facebook, may have access to certain information on your device if you have granted the necessary permissions. This includes permissions related to accessing your contacts or other app data. It's important to review and manage the permissions you grant to apps on your device to ensure your privacy and security.