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Sounds like an unusual issue you are having with Instagram reels! Unfortunately, the ability to add captions via stickers and show trending audio content no longer appears available on one of your managed accounts, while even stranger is that this account appears set for Malaysia instead of Australia!
As part of your effort to address the issue, you may have tried switching account types or trying other possible solutions; but to no avail. It should also be remembered that Instagram determines your region based on either device location settings or IP addresses associated with internet connections - meaning manual adjustments might not be possible in such instances.
To address this problem, I suggest reaching out directly to Instagram's support team for assistance and any required troubleshooting steps. They should be able to offer more targeted advice that should help to resolve it quicker.