They do. My wife lost her 10-year-old Instagram account to a well crafted phishing attack against an email she had published…
Instagram/Meta’s customer support is absolutely atrocious and disgraceful on this front. They basically treat my wife like she’s also a spammer and there’s no way to recover the account or undo any of the changes the spammers made.
It’s hilarious how they ask you to “appeal” a ban by clicking a single button without giving any chance to rectify what the spammers did to her account. Of course their automated bots just reject your appeal almost instantly. Shameful.