Product of instructions is just product. Sometimes it may be software, sometimes it may be graphics, sometimes it may be both (graphical programming languages, they exist).
> Seems reasonable to believe the thing happening due to the instructions is on another level of “abstract artifact”
Well, yes. Thing happening due to execution of instructions is typically[1] not those instructions.
> Or as another commenter said, the runtime execution?
Software is a list of instructions. Runtime execution is a process (of executing those instructions). What do you mean by your comment?