yup it does.
you need to set up the facebook pixel on your website. If you manage multiple accounts,
make sure that you‘re logged into the Facebook ads account that corresponds with the
website for which you want to implement Instagram ads re targeting. You can double-check
which ads account you’re logged into in the top-left corner of Facebook Ad Manager.
You need to make sure that your facebook pixel is working. Once done, Create a new
audience for re targeting in the ad manager and you can start an Instagram re targeting
campaign using the same audience. Under the Ad Placement section of the new
campaign, select only Instagram.