Instagram doesn’t offer a dedicated “hide following list” setting. The following/followers lists are only hidden from non-followers if your account is private — for public accounts, they’re visible to anyone viewing your profile.
Workaround: Some users create a secondary “mutuals only” list or use close friends features, but there’s no official way to hide following while keeping the account public. Instagram has tested a “hide following” option in limited beta, but it hasn’t rolled out broadly.
Anonymous viewing: For viewing others’ lists without them knowing, third-party tools exist but violate Instagram’s ToS and risk account suspension — use at your own risk.