Warm Oil & Butter: Turn your Instant Pot on 'Sauté' and adjust the heat level to 'Normal'. Once the digital display reads 'Hot', add the oil and butter to the pot. Allow the butter to melt.
Sauté Rice & Minced Onion: Add the rice and stir into the butter until it is fully coated. Add the minced onion and toss it with the rice. Allow the rice to continue sautéing for another minute or two, stirring constantly.
Deglaze With White Wine: Add the white wine to the pot and deglaze the bottom of the pot by scraping it with a wooden spoon. Make sure to scrape any bits that may be stuck to the bottom. Most of the wine will cook off while deglazing.
Add Stock & Spices: Add the 4 cups of stock and the remaining spices to the pot and mix everything well. Cancel out of the 'Sauté' function.
5-Minute Cook Time:: Close the lid and set the pot to 'Sealing'. Press the 'Pressure Cook' or 'Manual' button and cook on high for 5 minutes.
Quick Pressure Release: Once the cooking time has completed, perform a Quick Pressure Release by switching the pressure release valve from 'Sealing' to 'Venting'. Once the pin has dropped, open your pot.
Mix In Cheese: Give the rice a good stir and add the parmesan cheese. Stir the cheese into the rice until it melts in.