Adam Mosseri, on about.instagram.com:
Following shows you posts from the people you follow. Both Favorites and Following will show you posts in chronological order, so you can quickly catch up on recent posts.
Doesn’t appear to be available on the web version — or at least not yet. Sadly Instagram is my new Facebook, were I go when my procrastination reaches epic proportions, but good news for dozens still using the feed instead the stories.