Turn on the sauté feature of your Instant Pot and add oil and 1 tablespoon of butter. When melted, add the onions and sauté until slightly translucent, about 2-3 minutes.
Add the minced garlic and thyme. Sauté for 30-60 seconds until fragrant.
Add the mushrooms and sauté until they have reduced in size and are lightly golden. Make sure any moisture they release is evaporated. About 5-7 minutes.
Add the arborio rice and stir to coat it well.
Pour in the wine and cook until the liquid reduces. About 1-2 minutes.
Stir in the broth, salt, and pepper then close the lid and cancel the sauté function. Turn the steam release handle to the sealing position and set the pressure cooker button to high pressure. Set the time to 6 minutes.
When the time is up, turn the steam release handle to the venting position for a quick release (It will loudly spurt out lots of steam). Once the float valve goes down, open the lid and stir in the thawed peas, remaining vegan butter, and vegan parmesan. The risotto will look soupy when you remove the lid but this is normal. Just give it a few good stirs and let it sit for a minute. It will thicken up nicely.
Serve immediately with fresh-cut parsley, crushed red pepper flakes, vegan parmesan, lemon wedges, and fresh cracked pepper. Enjoy!
Video
Notes
The cook time doesn't include the Instant Pot preheating time. This can take 5-8 minutes after you close the lid. The screen will display 'ON' while preheating is in progress and once it comes to pressure, the timer will start.
If using store-bought vegan parm, I recommend Violife or Follow Your Heart. If you can't find vegan parm, use 2 tablespoons of nutritional yeast (more if preferred)