yes, though it is illegal.
Go to the profile of the person whose IP you want to know.
Click on the three dots next to their username.
Copy their profile URL.
Go to Grabify IP Logger, IP Logger or similar websites.
No, even if you were to completely dissect an Instagram message you would not see an IP, and even if you did you cannot convert an IP address into a geographic location - oh and if you think you should be able to, don't you think that's all a bit creepy!
No you cannot
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I sure can!