Meta's decision to open links in an embedded browser is because of their global feature link feature that allows you to save links you click on, as well as view your overall link history. They likely do that as Instagram is also seen as a commerce platform. They want you to stay in the app.
My initial thought is to say that it depends on the experience you want to provide and the type of content that would link out to (or in).
Do you want to "control" the user's experience within the app? An in-app browser gives you the control to ensure that you're preventing users from navigating to websites outside of your app. (However, the case for Instagram, it also gives you the option to view the page with the native browser).
Are you collecting personal data? I would suggest opening up in a native browser as there's more security built in.
And, in terms of preference, would having to load the native browser hinder the experience, or do you want to create one that is more fluid?