Summarize the following:
If you’ve decided that you no longer want a certain photo to appear in Photos of You, you have the option to hide it by removing the tag from the original photo. Tap on the photo to bring it into view.  A new menu will appear. This will remove the tag from the original photo and remove it from Photos of You.  iPhone: You can tap “Hide from my profile” instead of “Remove Me from Photo” to hide the photo without removing the tag. Use this option if you want to keep your Instagram name tagged in the photo.  Android: Just like on an iPhone, you can also hide photos without removing the tag. Instead of selecting “Remove Tag,” flip the switch next to “Keep in Photos of You.”

Summary:
Click the Photos of You icon on your profile. Select the photo you want to hide from Photos of You. Tap the … menu (iPhone) or ⋮ menu (Android). Tap  “Photo Options”. Tap “Remove Me from Photo” (iPhone) or “Remove Tag” (Android) to hide the photo.