You cannot fully hide your Instagram following list from everyone
Set your account to private to limit who can see your following list
Go to your profile
Tap the menu icon
Tap Settings and privacy
Tap Account privacy
Turn on Private account
Remove followers you do not want to see your following list
Block specific users if you want them to have no access to your profile
Restrict users if you want to limit their interaction without blocking
Keep in mind that approved followers can still see your following list on a private account