In a medium saucepan over medium heat, heat broth.
Set Instant Pot to Sauté function and melt butter.
Add onion and cook until soft, 5 minutes, then add garlic and cook until fragrant, 1 minute more.
Add rice and stir until toasted, 2 minutes.
Deglaze pot with wine. Cook until most of wine is absorbed, then turn Sauté function off.
Add warm broth and place lid on Instant Pot. Set to Manual, High and set time for 5 minutes.
Turn valve to to quick release. Remove lid and stir in Parmesan. Season with salt and pepper.