Drain peaches and pat dry with a paper towel. Sprinkle peaches with cinnamon sugar.
Mix dry cake mix with cinnamon. Cut in butter until mixture resembles coarse crumbs. Set 1/2 of the mixture aside.
Mix peaches with 1/2 of the cake mix mixture; place in a 6-inch round dish. Top peaches with remaining cake mix mixture. Cover dish with foil.
Pour water into a multi-functional pressure cooker (such as Instant Pot®). Set trivet inside. Place round dish on top of the trivet. Close and lock the lid. Select high pressure according to manufacturer’s instructions; set timer for 12 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure using the natural-release method according to manufacturer’s instructions, about 20 minutes. Unlock and remove the lid. Quick release remaining pressure using the quick-release method, about 5 minutes.
Set an oven rack about 6 inches from the heat source and preheat the oven’s broiler.
Carefully remove dish from the pot and uncover. Broil until topping is set, about 2 minutes.
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