From the MySQL skill:
Use online DDL (ALGORITHM=INPLACE) when possible; test on replicas first.
INPLACE blocks InnoDB purge (bug) and requires enough temporary space to run. When it runs out of space, it's not resumable.
There are only a subset of INPLACE operations which are safe. You can use a parser to find these (example), or if not, I would recommend against it.
No issues with INSTANT.