I think so. I did it on my last account and i get block for links in bio so i think it is "ban". Of course I havn't lost this account but i couldn't put any link in bio.
if you dont have a cloaking solution you can just use a splash page
IG->splash page (click here to continue/this site uses cookies bla bla template)->affiliate link
you could cookie users on your splash page so it only shows the splash once per day and otherwise the link goes to some legit page like harvard etc
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