Yep, but the IG model isn't nearly as profitable as FB since it is more brand collaboration than direct advertising. As bad as Facebook has been hurt by TikTok, IG is getting hit even harder because TikTok is taking from IG's main demographic. Facebook's problem is they never had that demographic to begin with and they have no way to replenish as the boomers get banned, join cults, die, etc.
The good news is they have been hit by Telegram, Truth Social, GAB, and all the other conspiracy sites and those are dying a rapid death so at least they have a grip on the 40+ demographic.