it's standard practice. this is how shared accounts do what they do. you can have 5 or 10 ips on one account as long as you give permission after log in. and naturally the action limits would be still the same. in other words every action is counted as coming from the 1 person.
I think it depends on the kind of account you own. If your account has already been identified as spammy by IG before, this could be a problem. I am currently using 3 accounts in one device and under the same IP address, of course, and I've had no issues with it.
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