Sauté the Aromatics: Set the Instant Pot to Sauté (More/High setting). Add the vegetable oil and butter, allowing it to melt and bubble slightly.
Cook Shallots & Asparagus: Stir in the shallots and cook for about 2 minutes until softened. Add the asparagus stalk pieces (reserve the tips) and garlic, sautéing for another 2 minutes.
Deglaze with Wine & Lemon: Pour in the white wine and lemon juice, stirring well to scrape up any browned bits from the bottom. Add the arborio rice and continue stirring for 1 minute to coat the grains.
Add Seasonings & Broth: Stir in the broth, seasoned salt, black pepper, and Italian seasoning, making sure nothing sticks to the bottom.
Pressure Cook: Secure the lid, set the valve to sealing, and select Manual/Pressure Cook (High Pressure) for 6 minutes. Once done, perform a quick release.
Steam the Asparagus Tips: While the risotto is cooking, place the asparagus tips in a microwave-safe bowl with 1 tbsp water, cover with plastic wrap, and microwave for 1 minute. Keep covered until needed.
Finish & Serve: Once the Instant Pot is open, stir in the steamed asparagus tips, grated Parmesan cheese, and heavy cream. Let it sit for 2 minutes until thickened. Garnish with extra Parmesan and lemon zest, if desired. Serve warm.