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Sauté the onions and garlic. Set a 6-qt Instant Pot® to Sauté — Normal (Medium). Once hot, melt half of the butter and add the garlic and onion. Cook, stirring frequently, until the onions are softened and translucent, about 4-5 minutes.
Cook the mushrooms and herbs. Add the mushrooms, oregano, thyme, salt, and pepper. Stir occasionally until the mushrooms are tender, about 4-5 minutes.
Deglaze and add the broth and rice. Pour in the white wine, scraping up any browned bits from the bottom of the pot. When most of the liquid has evaporated, stir in the vegetable broth and rice. Turn off the Instant Pot.
Cook the risotto. Secure the lid, ensuring the pressure release valve is in the sealed position (back), and set the Instant Pot to Cook on high pressure for 6 minutes. Allow the risotto to rest for 1 minute before performing a quick release of the pressure. Remove the lid.
Finish and serve. Stir in the cream, Fontina, and Parmesan. Taste and adjust seasoning with additional salt and pepper, if needed. Garnish with fresh parsley and serve immediately.