Using sous vide circulator, bring water to 185°F/85°C in 7-quart container.
Place water, cornmeal, butter, and ¾ teaspoon salt in 1-gallon zipper-lock freezer bag. Seal bag, pressing out as much air as possible. Place bag in second 1-gallon zipper-lock freezer bag and seal. Gently lower bag into prepared water bath, weight bag until polenta is fully submerged, and then clip top corner of bag to side of water bath container, allowing remaining air bubbles to rise to top of bag. Reopen 1 corner of zipper, release remaining air bubbles, and reseal bag. Cover and cook for at least 1½ hours or up to 3 hours.
Transfer polenta to serving bowl and whisk vigorously to break apart any lumps. Whisk in Parmesan and season with salt and pepper to taste. Serve.
TO MAKE AHEAD: Cooked polenta can be chilled rapidly in ice bath and then refrigerated for up to 3 days. To serve, heat polenta in microwave for 2 minutes, stirring halfway. Proceed with step 3.
