Begin by heating the chicken broth in a medium saucepan over medium heat until it is warm.
Activate the Sauté function on the Instant Pot and add the butter. Once melted, incorporate the finely chopped onion, cooking until softened, approximately five minutes. Next, add the minced garlic and fresh thyme, allowing them to cook for an additional minute until fragrant. Introduce the arborio rice to the pot and stir for about two minutes until the rice is lightly toasted.
Deglaze the pot with the dry white wine, cooking until most of the liquid is absorbed. Once this step is complete, turn off the Sauté function.
Pour in the warmed chicken broth and securely fasten the lid on the Instant Pot. Set the appliance to Manual, High Pressure, and adjust the timer to five minutes.
After cooking, perform a quick release of the pressure. Carefully remove the lid and stir in the grated Parmesan cheese. Finally, season with kosher salt and freshly ground black pepper to taste, ensuring a well-balanced flavor.