Turn Instant Pot on "Saute" mode. Add oil and butter.
Add onion and green pepper and cook until starting to get soft, about 2 to 3 minutes.
Add mushroons, sausage and garlic and cook another 2 to 3 minutes.
Add chicken, paprika, Italian seasoning, chicken broth, tomatoes, Cajun seasoning, and cayenne pepper.
Add pasta and use a wooden spoon to push it all down into the liquid.
Place lid on Instant Pot. Make sure the valve is in "sealing" position. Cancel the "Saute" mode and set to Pressure Cook on HIGH for 5 minutes.
Manually release the pressure. Remove lid and stir in cream cheese, Parmesan cheese, and heavy cream until the cheese is melted.
Sprinkle parsley on top.