Why can’t I archive my story on Instagram?
Instagram automatically archives your stories after 24 hours, so you don’t have to save them manually. If you notice a story isn’t archived, make sure Settings → Privacy → Story → Save to Archive is turned on ✅. Keep in mind that drafts, stories older than the retention period, or temporary app glitches can prevent archiving. Updating the app or restarting it usually fixes the issue.
Source: https://linkdownloader.net/blog/can-you-unarchive-a-story-on-instagram-without-deleting/