The in-feed ad format with photos is widely used on Instagram. Video seems to be the best option to reach your audience. Many advertisers do not hesitate to include text in their videos (subtitles, motion design, etc.), which is a very good way to get around the text limit imposed by Facebook.
It’s also a great way to spotlight information that would likely be lost if it’s just placed in the banner ad. Like the carousel, Instagram offers a call to action button in harmony with the color of the visual.
The in-feed format is versatile. It can significantly increase the reach of your ads, whether based on a big budget video or a simple visual.