No, Facebook and Instagram are not monitoring conversations. Yes, many security researchers routinely examine traffic from these apps to see what’s being communicated with the servers. Recording and interpreting speech would require a lot of CPU (if done on device) or network bandwidth (if uploaded to the cloud). Enough that it would be immediately obvious if apps were trying to do this. That is, if they even could.…
Edward Snowden, famously, rids of the entire microphone-array from his phones and only uses external mics: https://youtu.be/ucRWyGKBVzo?t=888
See also: https://news.ycombinator.com/item?id=27932952 (Snowden on Privacy and Democracy)
https://twitter.com/snowden/status/1175422816403038208 (Snowden on smartphones)