It is not for the moment (June 2021) not possible to hide certain posts on Instagram from some of its subscribers. There are still settings through which you can hide your Stories from certain users, limit the posts you see, and control whether only your friends or all users can access your posts. You can mute certain subscribers, put your account in private, or block a user's profile. When you mute followers, it reduces the number of posts you'll see in your feed. By setting your account private, users will need to send you a request in order to access your profile.
Steps
Method 1 of 4: Share your story with close friends on mobile

Step 1. Open the Instagram app
The icon is pink and features a white camera.

Step 2. Enter your login information
If you don't have an Instagram account yet, you can create one by clicking on Sign up. You will only need to sign in if you are not signed in automatically.

Step 3. Click on the profile icon

You will find it in the lower right corner.

Step 4. Click the ☰ button
You will find it in the upper right corner of the screen. A side menu will appear on the right of the screen.

Step 5. Click Settings at the bottom of the side menu

Step 6. Select Close Friends

Step 7. Enter a friend's username
Tap Add next to their name. This will add the friend to your close friends list. You will be able to modify your list in the Your list tab.

Step 8. Take a photo or video for your story

Step 9. Click Send To

Step 10. Click Close Friends Only
Your story will then be shared only with the users you've added to your close friends list.
You will also be able to select specific users to send a photo or video to
Method 2 of 4: Mute followers

Step 1. Open the Instagram app
The icon is pink, with a white camera on it.

Step 2. Enter your login information
If you don't have an Instagram account yet, you can create one by clicking on Sign up. You will only need to sign in if you are not signed in automatically.

Step 3. Click on the subscriber you want to hide
You will be able to find users through the search function or by clicking on their usernames.

Step 4. Click on the… button
You will find it in the upper right corner of the screen.

Step 5. Click Mute
You can choose to mute the user's posts, their stories, or both. Muting a user will prevent their posts and stories from appearing on your feed. The user won't know you've muted them, and you will still be able to view their posts by viewing their profile.
Method 3 of 4: Put your account in private

Step 1. Open the Instagram app
The icon is pink, with a white camera on it.

Step 2. Enter your login information
If you don't have an Instagram account yet, you can create one by clicking on Sign up.

Step 3. Click on the profile icon

You will find it in the lower right corner.

Step 4. Click the ☰ button
You will find it in the upper right corner of the screen. A side menu will appear on the right of the screen. Go directly to the next step if you are doing this from a computer.

Step 5. Click Settings at the bottom of the side menu

Step 6. Select Privacy and Security
This will be the 5th option in the Settings menu.

Step 7. Click on Account Privacy
You'll find it at the top of the menu.

Step 8. Click

next to Private Account.
Instagram users will now need to send you a request to subscribe to your account.
Method 4 of 4: Block a user

Step 1. Open the Instagram app
The icon is pink, with a white camera on it.

Step 2. Enter your login information
If you don't have an Instagram account yet, you can create one by clicking on Sign up.

Step 3. Click on the subscriber you want to hide your posts from
You can find users using the search function or by clicking on their names in your feed.

Step 4. Click…
You will find it at the top right of the screen.

Step 5. Click Block
This will block that user's access to your profile, posts, and stories.