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Turn on a multi-functional pressure cooker (such as Instant Pot) and select Sauté function. Add butter and olive oil; stir until butter melts, about 2 minutes. Add mushrooms; cook, stirring occasionally, until slightly softened, about 3 minutes. Stir in onion; cook for 2 minutes. Add rosemary sprig; cook for 1 minute.
Stir rice into the pot until each grain is coated with butter and olive oil mixture, about 2 minutes. Pour in wine; simmer for 3 minutes.
Pour in stock, stirring to scrape the sides of the pot. Simmer for 1 minute.
Close and lock the lid. Turn the venting knob to sealing. Select high pressure according to manufacturer's instructions; set timer for 6 minutes. It will take time for pressure to build.
Tap venting knob a few times with a wooden spoon or spatula. Stand back; turn knob to point at vent. Remove lid when pressure is released, about 5 minutes.
Stir risotto until creamy, about 1 minute. Discard rosemary sprig. Season with salt and pepper. Stir in Parmesan cheese until melted and combined.
Serve hot and enjoy!