Just the third party filters are getting the axe, the ones from Meta are staying.

Filters will not be going away altogether on Instagram. First-party filters created by Meta will continue to be available. The offering of filters available on Instagram’s official account (140 at present) is insignificant compared to the library of millions of filters created by third-parties. Instagram’s official filters also offer less diverse types of AR experiences, and its account does not feature any beautifying filters.