Panoramas are the worst-served pictures on social media. A 6000 × 1500 shot posted as a single image gets squeezed into a letterbox strip about a centimetre tall on a phone. All the reason you took it disappears.
Cut into slides, the same photo swipes at full screen height. That is what this preset is for, and it starts by reading the aspect ratio rather than asking you for a number. A 4:1 source wants four square slides. A 3:1 source wants three. The rule is to pick the count that leaves each slide closest to the target shape, which keeps slices from coming out as slivers.
You can override it. Fewer slides means wider, shorter slices with more padding above and below. More slides means narrow ones. The preview shows all of them, so the trade-off is visible before you export.
Slides adjoin exactly. Cuts land on whole pixels and neighbouring slices share an edge, so the scene continues rather than jumping.
One composition note that applies to every panorama split. Instagram draws a gap between slides while you swipe, so a horizon carries across the joins well and a face sitting on one does not. Drag a cut line rather than accepting an even split when something important is in the way.
The splitting happens in your browser.