Put the oil in the pot, select Sauté, and adjust to Normal/medium heat. When the oil is hot, add the onion, thyme, and salt. Cook stirring occasionally until tender, about 4 minutes. Add the rice and cook, stirring continuously, for 1 minute. Add the vermouth and simmer for 1 minute to burn off some of the alcohol. Press Cancel.
Add the broth, stir to combine, and lock on the lid. Select the Pressure Cook function and adjust to High pressure for 8 minutes. Make sure the steam valve is in the “Sealing” position and that the “Keep Warm” button is off.
When the time is up, quick-release the pressure and remove the lid. Add the asparagus and fava beans or peas. Select Sauté and adjust to Normal/medium heat. Cook, uncovered, stirring occasionally, until the vegetables are crisp-tender, 3 minutes. Add a bit of water while cooking, if necessary, to keep the risotto loose and saucy.
Add the spinach, cheese, lemon zest, and lemon juice and stir to combine. Press Cancel. Season with salt and pepper.