Simple answer
Yes, but only to people who don't follow you. If you use a private account your followers and following are hidden from anyone who isn't directly approved to be allowed to follow you.
Can I hide them from specific users?
Yes, but again not without a private account. And you would have to remove them from your followers. Even though Instagram added "Limited Interactions" which sounds like you would be able to restrict people, unfortunately it's meant to restrict unwanted comments, messages, and other interactions rather than hiding follower lists.
What happens when I remove a follower?
Instagram doesn't send out a notification, but they will notice that they no longer can see your posts or follow you if they get the idea to visit your profile. This is a decent approach to remove a stranger but if you are hiding your friends from your mom then your mom is going to ask questions the next day. Removing a follower doesn't restrict them from following you again, if that's the intention use the block button. Or else watch out to not accept their request by accident.
Can I hide my followers without making my account private?
You can't hide your followers on a public account. You would have to block a person completely and still they could just change accounts and still see your followers.
Can I hide my follower count?
No. That's the core metric Instagram users keep chasing, Instagram most likely would never allow anyone to hide it. You can only restrict access to the list itself, but the total number remains public.
What about Following lists?
Same rules apply, you can't disable the count or the actual list. This guide applies to the Following list the same way as the Followers list.