First I convert the video to FullHD:
$ ffmpeg -i input_video_4k.mp4 -vf scale=1920:1080 -c:a copy output_video_1080.mp4
Then I crop it:
$ ffmpeg -i output_video_1080.mp4 -vf "crop=w=607:h=1080:x=896:y=0" -c:v libx265 -crf 26 output_video_1080_insta.mp4
Sources:
https://www.reddit.com/r/ffmpeg/comments/tgkd2o/making_portrait_video_from_a_landscape_video/