Press the “Sauté” function and add the butter and olive oil to the vessel. Stir until butter is melted and evenly distributed across the bottom. Add in onions and season with the garlic powder, Italian seasoning, ¼ teaspoon salt, and ¼ teaspoon black pepper. Stir to combine. Sauté, stirring occasionally, until the onions are soft and develop some color, approximately 10-15 minutes.
Add the balsamic vinegar and red wine, then deglaze the bottom of the pot with a spatula to release any browned bits. Once the liquid is reduced by one-half, stir in the Worcestershire sauce and the beef broth
Push the “Cancel” button to turn the unit off.
Season the chicken breasts on both sides with remaining salt and black pepper, before adding to the Instant Pot®.
Top with the bay leaves and fresh thyme sprigs. ( or ¾ teaspoon dried thyme of fresh unavailable)
Place the lid and lock into place, making sure the pressure release valve is set to “Sealing.” Select the “Manual” button on the high and adjust the cooking time to 6 minutes.
When the cooking time is complete, allow the pressure to release naturally for 5 minutes, then do a quick release for any remaining pressure. Once the pin drops and the steam is no longer coming out, carefully remove the lid and discard the bay leaves and woody thyme stems.
Place the mild Provolone slices on top of the chicken breasts and cover the unit with the lid for 2 to 3 minutes, or until the cheese is thoroughly melted.
Ready to serve with your favorite sides.