Users who want to quit Threads can go to Settings > Account > Delete or Deactivate Profile. As the name suggests, this gives you the option to temporarily suspend your account or to permanently delete it. Either way, your Instagram account will not be affected.
Meta recently changed how it shows Threads post and they now surface on other Meta platforms like Facebook. The second change announced today is that you can limit this - head over to Settings > Privacy for that. Note that this only applies to Facebook and not Instagram, which will continue to show your Threads posts regardless.
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