Select the sauté setting on the Instant Pot and add oil into the insert. Add mushrooms and then cook until they have released moisture and start to brown.
Mix in the rice and stir until rice starts to turn translucent, approximately 2-3 minutes. Then add wine, deglaze the instant pot insert and cook until it is mostly evaporated.
Cook till done, switch off and perform a quick pressure release. The Instant Pot Risotto might look soupy, but that is okay. Stir with a wooden spoon, add in Parmesan and adjust seasonings.