Today, Instagram released yet another update to fix the display issue. But, it requires users to run iOS 10.
According to 9to5Mac,
From what we’ve been able to gather from sources, the Facebook team had to distribute the app with an older version of Xcode because of a common crash that can occur with apps compiled using the iOS 12 SDK but running on iOS 9, a system version which a large number of users of Instagram are still running.
YouTube also released an update that targets new iPad Pro 2018 devices. Although, the Home indicator still covers YouTube tabs at the bottom. Another update will soon solve the problem.