On top of acting as a safety measure against potential attacks, Recently Deleted is also a handy tool for restoring content that was accidentally deleted, or simply because you had a change of heart. According to the official Instagram blog update, deleted posts will appear in a separate section on your profile for 30 days before they are removed entirely. Additionally, you can also delete the post manually from this section if you so wish.
Recovering an Instagram post won’t be as straightforward as restoring a deleted file via Recycle Bin on Windows, however, you are required to create a separate two-step verification process specifically for the Recently Deleted feature, which will be prompted to verify your identity whenever you wish to restore a deleted post. The update is currently rolling out to Instagram users across all platforms. Be sure to update the app with the latest version first in order to utilise this new feature. (Source: Instagram)