The Instruction List is, simply, the list of all machining commands for the current part. Each time a new machining command is used on the part, it is added to the bottom of the list.
Commands that cannot be converted into CNC code (for example, viewing and editing commands) do not appear on the list.
Example Instruction List:

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You can also group instructions together as operations using Operation (Instructions menu) |
This means that when editing the instruction list you could edit individual commands or entire operations. Do not confuse these with the operation commands (such as the 'Roughing') in the Operations menu.