Put the Instant Pot on sauté and add the butter and oil. Once the butter has melted, stir in the mushrooms. Cook, stirring occasionally, until the mushrooms start to brown, about 5 minutes. Add the shallots and cook, stirring occasionally, for 2 minutes. Add the rice, stir to coat well, and then cook for 2 minutes. Add the wine and cook for another minute or until the wine has evaporated. Add the chicken or vegetable stock, lock on the lid, set the pressure valve to sealing, and set to cook on high pressure for 6 minutes.

Manually release the steam, remove the lid, and add the cheese. Stir vigorously for 1 minute. Taste and season with salt and pepper, as needed.