SET SAUTÉ setting on INSTANT POT for 11 min. Add oil to pot; heat 2 min. Add shrimp, onions and garlic; cook and stir 3 to 5 min. or until shrimp turn pink.
USE slotted spoon to transfer shrimp to bowl; cover to keep warm.
ADD rice to pot; cook and stir 1 min. Add 1 cup chicken broth; cook and stir 2 to 3 min. or until most of the broth is absorbed.
ADD remaining broth and sauce to pot. DO NOT STIR. Close and lock lid. Turn Pressure Release Valve to Sealing position. Cook 7 min using MANUAL/HIGH PRESSURE COOK setting. When timer goes off, use Quick Pressure Release to release steam. Remove lid.
ADD peas, shrimp and cheese to pot; mix lightly. Cover loosely with lid, but do not lock lid. Let risotto stand 3 min.