Dissolve the chicken bouillon cube in the hot water and set aside.
Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. Add olive oil to the pot. Add onion and cook for 1 minute. Add garlic and rice and stir until each grain of rice is coated with the oil mixture. Cook until rice is slightly toasted, about 2 minutes. Pour in white wine and simmer for about 30 seconds. Stir in chicken broth.
Turn off Saute function. Close and lock the lid. Select high pressure according to manufacturer’s instructions; set timer for 6 minutes. Allow 5 to 10 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer’s instructions, about 5 minutes. Unlock and remove the lid. Add butter; stir until risotto is creamy, about 1 minute. Stir in Parmigiano-Reggiano cheese until melted and well combined. Serve sprinkled with parsley.
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