Set the instant pot onto sauté and heat the olive oil. Add in the onion, garlic and bell pepper and sauté for 3 to 4 minutes, until soft and fragrant.
Add in the sausage and the wine and the tomato sauce and stir until the mixture is nice and bubbly.
Add in the salt, sugar, parsley, crushed red pepper, rosemary and thyme. Add in the rice and stir will until uniformly mixed.
Turn off the sauté mode and add in the broth and stir well to deglaze the pot.
Set to 2 minutes of high pressure, allow 10 minutes of resting time before releasing the pressure.
Remove the lid, stir in the cream and the cheese.
Serve hot with extra cheese and parsley as desired.