Choose the Instant Pot sauté setting (low) and add 2 tablespoons of butter. When the butter is sizzling, add the chopped shallots and garlic. Cook, stirring, for about 3 minutes, or until the shallots are softened. Add about 1/2 teaspoon of kosher salt and 1/4 teaspoon of ground black pepper.
Add the rice and Italian seasoning and cook, stirring, for 2 minutes longer. Cancel the sauté function.
Add the chicken broth and stir to combine.
Secure the lid and make sure the valve is in the sealing position (this is automatic on some Instant Pots). Choose the manual or pressure cook button, high pressure, and set the time for 6 minutes. It will take approximately 5 to 7 minutes to build pressure.
When the time is up, quickly release the pressure by moving the valve or switch to the venting position.
Add the spinach, peas, Parmesan cheese, and the remaining 2 tablespoons of butter. Stir to until the risotto is well blended. Taste and add salt and pepper, as needed.
Spoon the risotto into a serving bowl and garnish with Parmesan cheese, if desired.