Directions

1. Turn on a multi-functional pressure cooker (such as Instant Pot) and select Saute function on normal setting according to manufacturer's instructions. Add 2 tablespoons butter and olive oil; stir in shallot and garlic and cook until softened, about 1 minute. Stir in rice and cook until coated and toasted, about 3 minutes. Add wine, scraping and deglazing the bottom of the pot with a wooden spoon; cook until wine has evaporated, about 1 minute. Turn off Saute function.
2. Stir in chicken broth, clam juice, thyme, and red pepper flakes. Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 6 minutes. Allow 10 to 15 minutes for pressure to build.
3. Release pressure using the natural-release method according to manufacturer's instructions, for 5 minutes. Release remaining pressure carefully using the quick-release method according to manufacturer's instructions.
4. While pressure is releasing on the pot, melt 1 tablespoon butter in a large skillet over medium-high heat. Add shrimp and season with paprika, salt, and pepper. Cook until shrimp are opaque, about 3 minutes. Unlock and remove the lid on the pressure cooker.
5. Stir shrimp, peas, Parmesan cheese, and remaining butter into rice mixture. Divide among bowls and serve.