Select Sauté on the Instant Potand melt the butter. Add the shallot and cook, stirring occasionally, until translucent, about 2 minutes.
Add the garlic and thyme and cook, stirring, until fragrant, about 1 minute. Add the rice and stir until it looks slightly translucent and has a nutty aroma, about 3 minutes.
Pour in the wine and stir until the wine is reduced by half, about 2 minutes. Add the broth.
Lock the lid in place and turn the valve to Sealing. Press the Keep Warm/Cancel button to reset the program, then press the Manual/Pressure Cook button and set the cook time for 10 minutes at high pressure.
While the rice cooks, in a large sauté pan over medium heat, cook the pancetta, stirring often, until the fat starts to render, about 3 minutes.
Add the mushrooms and continue to cook, stirring occasionally, until the mushrooms are tender, about 5 minutes.
Stir in the peas and cook until heated through, about 1 minute more. Season with salt and pepper.
Turn the valve to Venting to manually release the steam. When the steam stops, carefully remove the lid and stir in the pancetta-mushroom mixture. Add the Parmesan, stir to mix, and season with salt and pepper.
Spoon onto individual plates or shallow bowls, garnish with pea shoots and Parmesan, and serve.