It is so well-hidden, in fact, that there is no visual indicator that it exists at all, so you cannot be blamed for thinking it is gone. On the homepage (house icon) tap the Instagram logo and select "Following." It will present you with a chronological feed of posts from only those you follow.
Again, there is NO ARROW or any UI to indicate this is possible. You used to be able to set it as the default view, but that has been eradicated it seems.
Wow, I've been using instagram for 5 years and I just learned that there's a following-only feed. I had always just assumed that Instagram was designed in bad faith to always interleave posts from people you didn't follow to try to capture your attention. It's incredibly annoying that I can't set this as my default.