FIXED: Changing my photo privacy (Apple iOS Only)

In Instagram version 3.4.0, there is a known issue where your photo privacy settings will display as OFF even though your photos are actually private if you visit Profile > Settings (Gear icon). It is important to note that your photos will actually be private if you have turned privacy ON via this menu. This is only an issue with the display of the switch.

To fix this issue, you can upgrade to Instagram 3.4.1.