MySQL timeout on INSERT lasts almost 60 seconds
Both of these improve the efficiency of the SELECT MAX... in the INSERT..SELECT:

Plan A

UNIQUE KEY `ClusterInstrumentId` (`ClusterId`,`InstrumentId`),
KEY `InstrumentId` (`InstrumentId`, ClusterId) USING BTREE,


This assumes you need to look up things by ClusterId.

Plan B

UNIQUE (`InstrumentId`, ClusterId)


This covers the Uniqueness constraint