Set Instant Pot to sauté mode. Heat oil and butter, add onion and sauté for 2 to 3 minutes until onions are softened and translucent. Season with salt and pepper.
Add rice and toss to coat in the oil. Turn off the heat and add wine to deglaze the pot.
Stir in the chicken stock. Cover and lock the lid, set the valve to the sealing position. Set to Pressure Cook (high) for 10 minutes.
When the cook time is up, allow the pressure to naturally release for 10 minutes, then manually release remaining pressure.
Remove the lid and stir in ½ cup of the cheese and desired toppings. Serve hot.