Absolutely. Your business might not need to run ads on Instagram all year round, or potentially even change budgets. This could be for various reasons, including seasonality, promotional offers, budget constraints, or any other reason.
When running Instagram ads, there is no long-term commitment regarding how long you need to run them. That being said, the longer you run Instagram ads for your business, the more you will learn about creating content for your target audience. You can then use your knowledge about your audience and apply better parameters when it comes to custom and lookalike audiences, refining your campaign and generating better results.