Set your Instant Pot to the sauté function by pressing the saute button.   Add butter, chopped onions, thyme, salt, and pepper.  Saute onions until they are transparent and the butter is bubbly.

Press cancel to stop the pot from sautéing further.

Make sure no food is sticking to the bottom of the pot before adding additional ingredients.

Add ham, Peas, cheddar cheese soup, chicken broth, water, and heavy cream to your pot.

Close and secure the Instant Pot Lid.  Rotate the pressure release valve to the sealing position.

Cook on high pressure on a manual for 1 minute.  You will want to hit the pressure cook button on your pot.  Immediately release the pressure after the cooking process has been completed.

Stir the meal and serve while it is still piping hot.