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The Program Files (x86) folder name is correct and should not be changed. The message in the screenshot means that a Microsoft Edge component used to open the Instagram web app is missing.
Please repair Microsoft Edge from Settings > Apps > Installed apps > Microsoft Edge > Modify > Repair, then restart the computer. If the problem continues, remove Instagram and reinstall it from its original source. Windows also provides Repair, Reset, and reinstall options for apps that are not opening correctly. Repair apps in Windows
Hope this helps, please feel free to give me an update