Do the Instagram ads link to the listing page? (Can't find clickable button or can't click on the photo to go to the listings.)

Yes, there is Call-to-action button 'Learn more' on Instagram ads that leads to the listing pages.

The Instagram link that we share with you is the preview ad on Desktop devices and therefore does not have the Call-to-action - 'Learn More' button.  You will only be able to access this button on Instagram.

The image below is a sample Instagram ad as it would appear in the Instagram News Feed on a Mobile device: