Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. Select High temperature setting, and preheat the pot for 1 to 2 minutes. Add butter and oil. Add onion and cook, stirring constantly, until translucent, about 3 minutes. Add garlic and crushed red pepper, and cook, stirring often, for 1 minute.
Pour in vodka and cook until reduced by half, about 3 minutes. Cancel Saute function. Stir in water, penne, and salt. Pour tomatoes over penne; do not stir. Close and lock the lid. Select high pressure according to manufacturer’s instructions; set timer for 4 minutes. Allow 10 to 15 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. Stir in cream and Parmesan cheese; let stand for 3 minutes. Stir in pepper.
You could add shrimp or cooked chicken at the end.
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