There's plenty of ways to make money from IG. Everything you mentioned is possible.
But remember to stick to one that you're comfortable with.
Be safe because IG is becoming stricter by the days.
1. With CPA, you can use automation to DM users link using a girl profile, or twist into your method.
2. Affiliates, you can add your link, but make sure for it to be cloaked, since IG is highly against affiliate links. You can also create a website and write an article to build value around that affiliate product.
Good luck on your journey! They're all profitable depending on how you scale and work around it.