Instagram was testing an archive feature for hiding photos last month. Now, this feature has been rollout for all accounts and will be made available to all without app updates.
Now with the help of archive feature, you will not need to delete photos that you do not want to show to others. You only have to click the archive button on top of the photo's top right corner. After that these photos will be removed from your Timeline but will be preserved in a private folder.
You can get archived photos back unarchived whenever you want, then it will return to the exact place on your timeline where it used to be. As soon as thais feature is available to you, you can access the archive folder from the small rewind icon present in the top right corner of your profile.