Hello, @afaqshakoor,
1. Point is that the Instagram app does not have a share option, it does not allow sharing, so you can’t implement this and unfortunately, there is no such option in our theme for now as well.
2. When you set it, the icons by default show as the default background color of the particular social platform, as it is showing on my test site: https://postimg.cc/R3zQyjTQ
Regards 8Themes Team.