No, the update won’t let you opt out of the algorithm timeline.
Instagram  doesn’t  care if you see all your friends’ posts in chronological order. But it does want you interacting with the month-old photos its algorithm picks to appear above and below more recent posts.

The latest example is a change to how commenting on posts works. Instead of responses all getting grouped together, replying to a comment will automatically create a thread.
Handy! It’s a minor t    weak, sure, but one that somehow wasn’t present until now. Maybe an opt-in button for the algorithm-driven timeline will be next. Wait, why are you laughing?