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Apparently deleting one's thread account will also delete ones Instagram account.
(www.androidauthority.com)
This is a most excellent place for technology news and articles.
From the article: Meta’s supplemental privacy policy states, “You may deactivate your Threads profile at any time, but your Threads profile can only be deleted by deleting your Instagram account.”
I interpret it as that you can't delete your Threads profile, unless you delete your Instagram account. So it's not as if you try to delete your Threads account and oopsie your Insta is gone as well... same, but still different.