Press the saute button on the Instant Pot and add olive oil. Once oil has heated up, add shallot and garlic, stir, and cook for approximately 1 minute.
Add arborio rice, stir, and cook for 2 additional minutes until rice is slightly translucent around the edges
Pour in wine and stir to loosen any bits on the bottom of the pan. Add broth and close lid.
Close the vent and press manual and toggle to 7 minutes. While rice is cooking, saute mushrooms in 1 tablespoon of olive oil for 5-6 minutes, then add asparagus and cook for an additional 3-5 minutes.
Let cycle run, then quick release the pressure and hit cancel to turn off the Instant Pot
Stir in thyme, lemon zest, butter, both cheeses, and sauteed mushrooms and asparagus. If rice seems to dry, add a small additional amount of broth and stir.