According to the changelog for Instapaper 4.2.4, the rarely-used print feature got removed.
I had actually no idea about this feature, so maybe it was rarely used because of the GUI design? In addition, the lack of AirPrint support with existing printers might be a factor too. Printing via Instapaper on the Web remains of course still possible.
Have you had any use for the print feature in Instapaper?