Prepare the Chicken: Start by preparing the chicken breasts. Cut each chicken breast in half horizontally to create cutlets. Place the cutlets between two sheets of parchment paper and gently pound them with a meat mallet or rolling pin to tenderize and flatten them slightly. Season the chicken cutlets with salt and pepper to taste.
Dredge the Chicken: In a shallow dish, place the flour. Dredge each seasoned chicken cutlet in the flour, shaking off any excess. This will help create a golden crust on the chicken when it's cooked.
Sauté the Chicken and Mushrooms: Set your Instant Pot to "Sauté" mode and add the butter and olive oil. Once the butter has melted and the oil is hot, add the chicken cutlets in batches and cook for 2-3 minutes on each side, or until golden brown. Remove the cooked chicken from the Instant Pot and set aside. Next, add the sliced mushrooms to the Instant Pot and sauté for 3-4 minutes, or until they are golden brown and the moisture has evaporated from them.
Prepare the Sauce: Deglaze the Instant Pot by adding the dry white wine or chicken broth, and scrape any browned bits from the bottom of the pot with a wooden spoon. Add the minced garlic, onion, and dried thyme, and cook for 1-2 minutes, until fragrant.
Pressure Cook: Return the chicken cutlets to the Instant Pot, nestling them into the mushrooms. Close the lid of the Instant Pot and set the valve to the "Sealing" position. Select the "Pressure Cook" or "Manual" setting and cook on high pressure for 5 minutes. Just make sure there is at least ½ cup of liquid in the pot to be able to make steam.
Release Pressure: Once the cooking time is complete, allow for a natural pressure release for 5 minutes, then carefully switch the valve to the "Venting" position to release any remaining pressure. Once the pressure has been released, carefully remove the lid of the Instant Pot.
Add Heavy Cream and Parmesan: Pour in the heavy whipping cream and shredded Parmesan cheese, stirring until the cheese is melted and the sauce is smooth. Season with salt and pepper to taste. Return the pressure cooker to the "Saute" mode for a few more minutes to gently heat the sauce to just about a boil.
Serve the creamy chicken and mushrooms hot on a bed of cooked rice, mashed potatoes, or butter noodles. Garnished with fresh herbs or additional Parmesan cheese if desired.
Enjoy your Instant Pot Cream of Chicken and Mushrooms!