Instagram seems to be not indexed by Google, and I'm assuming this is so because Instagram wants it this way and Google obliges. So, Instagram content and the links within--if any are present either in Instagram profile description, post caption, or comments--they are not getting indexed and are therefore not giving any direct SEO juice to the linked content.
However, there are many Instagram clone sites. Some big ones just to name a few: - ink361.com - websta.me - gramfeed.com - many more clones...
I notice the content from these clones is more often indexed than content from instgram.com. I've sometimes "Google'd" for specific comments on some Instagram post, and the search results would be top 10+ clone sites all showing identical content (which they all pulled from the original Instagram posts via the Insta-API).
My question is simple: Keeping in mind that, for instance, ink361.com has 30-40million hits per month, does the indexed content and links on the clone sites give a relevant linked-to website much juice?