New Update
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Instagram accounts need not be connected to a Facebook ad account now. The feature is limited to Instagram business accounts running Instagram ads for the first time, and do not have to connect it to a Facebook ad account or Facebook Page.
Ad Campaigns can be managed and their performance can be tracked on Instagram, and don't need to be managed on Facebook Ads Manager.
Accounts who have already promoted posts on Instagram, and have likely already connected their Facebook ad accounts won't experience any changes.
Advertisers can still create and use Facebook ad accounts, both accounts will remain separate, and campaigns can be viewed and managed in the individual platforms.
To check if your Instagram account is connected to a Facebook ad account:
Under “Your Account,” you’ll either see a number or a name.
If you see a number, your Instagram account isn’t connected to a Facebook ad account.
If you see a name, your Instagram account is connected to a Facebook ad account.
To promote an Instagram Post without a Facebook Ad Account Connection:
Once you've tapped Create Promotion, your promotion will be reviewed. Your promotion will begin running after it's been reviewed and approved.