In short, Yes! However, there's a more nuanced answer that is becoming increasingly important to understand. Before the pandemic there was a more clear definitive line between being a "Traditional Model" and an "Instagram Model" which is separate from being a social media influencer. Since the pandemic, these lines have blurred quite a bit.
First let's cover some basic knowledge, as a professional model, you are either freelancing through a modeling agency or you are freelance as an independent model. You are not employed by a agency - ever. Regardless of which category you fit into - working with agencies or working independent; you are likely using social media (i.e. Instagram) to promote yourself and driving that traffic to an agency link or directly to your portfolio.
As an Instagram Model, you are not necessarily seeking the same type of clientele as a "Traditional Model" which is to hire you to be a part of a production to create media for a product, service or brand. Instead you are either working directly with a brand to create 'awareness' for a product and/or service or you are driving your followers through likes, follows, etc. to a destination of your own creation in order to monetize them. This can be OnlyFans, T-shirts, products, calendars, downloads, affiliate links, etc. This is also where the lines between Instagram Models and Influencers gets blurred because Influencers are essentially doing the same thing but with more of a niche and brand in mind (i.e. fashion, beauty, lifestyle, etc.)
As I mentioned above, since the pandemic, all of these lines between Traditional Model, Instagram Model and Influencer have become very blurred with many Traditional Model also moonlighting as Instagram Models and Influencers. However, this recent transition has also created more opportunity for Instagram Models who have become very popular to gain attention from the traditional modeling industry and land traditional modeling jobs. The same has been true for Influencers. I predict that this is going to be an increasing trend over the years to come.
I will also add as I've read some other responses to this questions, that working as a fashion model is not the only vehicle to working as a model and in many cases it is not even the most lucrative. In addition, I wouldn't discount the financial upside to working as an Instagram Model and/or Influencer in addition to Traditional Modeling as social media campaigns are currently paying anywhere from several hundred dollars to 5 figures for Instagram Models/Influencers with great engagement, following, a good creative sense, and diversified distribution.
I'm a 20 year modeling industry veteran who has worked with major agencies and now manages all my client work in-house. I have worked with brands such as LA Fitness, Saatchi Art, Uoma Beauty, Sephora, Netflix and many more. I write a newsletter and offer courses helping aspiring models break into the modeling industry at the StarterModelGuide.com. Follow me on Instagram, Instagram.com/startermodelguide and Instagram.com/daisijo