Add the rice and broth to the Instant Pot. Secure the lid, move the valve to the sealing position, and hit Pressure Cook or Manual at High Pressure for 6 minutes. Quick release when done.
Add the butter, Pecorino Romano and/or Parmesan and pepper. Stir until well-combined.
If using any of the optional add-ins, add them now and stir in. NOTE: If using the frozen peas, they'll thaw immediately from the heat of the risotto but will also cool it down a bit. Therefore, feel free to hit Sauté and Adjust to the More or High setting for a minute or so while stirring.
Serve topped with additional cheese and pepper, if desired.
