Press saute setting on your Instant Pot. Make sure the stainless steel insert is in the pressure cooker.
Wait 1 minute, then add olive oil to the pot. Add chopped onion and saute for 2 minutes.
Add butter and garlic to Instant Pot and stir in well. Add Italian seasoning and thyme and stir in. The mixture should be very fragrant.
Add arborio rice to the sauteed vegetables and toast, stirring constantly, for 1 minute. Press "cancel/off" button.
Add broth and salt and stir in.
Close the lid and set the valve to sealing position. Press manual setting and set the timer to 5 minutes. The Instant Pot will start coming to pressure, which will take about 5 minutes.
Once the timer is done, press the "cancel/off" button and let the Instant Pot release the pressure naturally. Do not switch the valve.
When the pressure pin is down, carefully open the lid away from your face. Stir the risotto.
Add Parmesan and stir in until melted.
If you want ultra-rich and creamy risotto, add one tablespoon of butter, let it melt and stir in.
Serve warm.
Video
Notes
You can use vegetable or chicken broth or stock in this recipe. If you want to use white wine, like in the classic risotto, add ½ cup and use 1.5 cups of broth.
Do not use Kraft Parmesan. It is not a good option for risotto but also because it contains cellulose (think wood shavings). Buy a piece of real Parmesan or get already shredded Parmesan, like Sartori.