Preheat Instant Pot until display says Hot. Add olive oil, onion, garlic and mushrooms and saute for 5 minutes, stirring occasionally. Add thyme, stir and press Cancel.
Add rice, 4 cups of broth and wine. Stir, close the lid, set valve to Sealing and press Pressure Cook or Manual for 3 minutes.
After let pressure come down on its own for 10 minutes, then turn valve to Venting to release remaining pressure. Add remaining 1/2 cups broth, butter and Parmesan cheese. Stir risotto gently and add more broth, if you wish, to reach your favorite consistency.
Garnish with parsley and serve hot immediately.
Video
Notes
Store: Refrigerate leftovers in an airtight container for up to 3 days.
Freeze: Freeze in an airtight container for up to 3 months. Thaw in the fridge overnight or on the counter for 5-6 hours.