A couple of thoughts on your enquiry.
First off, you're not going mad. Meta rolls out features unevenly across different ad accounts and regions, so it's very likely it's just not available in your account yet. It's a common and frustrating part of their platform.
However, I would question if sending traffic to an Instagram profile is the best use of your budget anyway. The "Traffic" objective is a bit of a trap. When you tell the algorithm to get you 'traffic', it does exactly that—it finds the cheapest people within your audience who are most likely to click a link. These are often low-quality users who click on anything but never actually buy or convert. Based on my experience, you are essentially paying the platform to find you non-customers.
A much better approach is to optimise for an action that has real business value. Instead of driving traffic to a profile where you can't track anything meaningful, send them to a proper landing page with your pixel installed. Then, run a campaign with a 'Leads' or 'Sales' objective. This tells the algorithm to find people who are not just clickers, but are likely to actually sign up or buy something.
This way, you build much more valuable audiences for retargeting, and your Lookalikes will be based on people who've taken a valuable action, not just people who visited your profile. A Lookalike of purchasers is always going to be more powerful than a Lookalike of profile visitors. It will probably feel more expensive per click, but your actual cost per customer will almost certainly be lower.
Hope that helps!
