Just because you're paying $10 a month does not mean that Meta will stop farming your data. Sure, they won't shove you any ads, but they will stockpile data for the day you decide that $10 (it's not really $10.. they will increase this price 2-3 years down the line once they feel they had gathered enough users, the Silicon Valley way) and then pump you with ads that cater you.
That $10 won't give you any real privacy. They will still collect every bit they can about you.
The $10 will just not give you targeted ads. Most likely, they will still select things for you based on your profile and also sell information from that profile to the real customers.
I'd take it at €5 if I used Instagram a lot. The current asking price is too high though, almost like the data is worth so much to them that they put the price tag high enough that it's unreasonable.