It was spotted in the back-end code of the app a few weeks back, and now, Instagram has launched a live test of native scheduling in the app, with a limited group of users for now, but likely to be expanded sometime soon.
As you can see in this example, posted by @WFBrother, Instagram’s in-built post-scheduling option will be added to the advanced options in the post composer flow, with a new element that’ll enable you to set a date and time for the post to go live. Apparently, this will enable you to schedule both regular posts and Reels (no info on Stories).