Lightly spray chicken breasts with cooking oil and season with Italian seasoning, garlic powder, paprika, salt, and pepper.
Set Instant Pot to “Saute”.
Melt 2 tablespoons butter and add the olive oil.
Add chicken breasts to the hot oil; cook for 2 to 3 minutes per side, or until chicken is browned.
Remove chicken from the Instant Pot and set aside.
Melt remaining butter in the IP and stir in garlic; cook for 10 seconds.
Add mushrooms and cook for 2 minutes, stirring frequently.
Stir in the chicken broth and wine; mix and scrape up all the browned bits from the bottom of the pot.
Transfer chicken back to the Instant Pot.
Lock in the Lid.
Turn vent to the sealed position; click on MANUAL and set on HIGH for 8 minutes.
When time is up, do a quick release and when the valve drops, remove the lid.
Take chicken out of the IP and set aside.
Set the Instant Pot to “Saute”.
In a small bowl combine water and cornstarch; whisk until thoroughly incorporated.
Whisk the corn starch mixture into the sauce inside the Instant Pot and continue to cook for a minute or two, or until sauce has thickened.
Whisk in the heavy cream; continue to whisk until well incorporated so that the cream doesn’t start to curdle.
Taste sauce for salt/pepper and adjust accordingly.
Pour sauce over the chicken breasts.
Garnish with parsley and serve.