Set Instant Pot to Saute function. Add butter to pot and melt. Add onions and cook until softened. Add garlic and cook for about a minute more. Add paprika, turmeric, salt, black pepper, red pepper flakes, and saffron threads. Stir and cook for about 1 minute. Add red peppers. Add rice and stir. Cook for about 30 seconds to 1 minute. Add chicken broth and white wine. Deglaze your pot by stirring to ensure that there is no food stuck to the bottom of the pot. Add shrimp on top. Turn off Instant Pot and cover. Make sure valve is set to sealing. Set Instant Pot to Manual Mode and set a 5 minute timer. When done, quick release. Remove shrimp from pot and peel if desired. Serve with Cilantro.
Make sure there are no dry bits stuck to the bottom of the pot. This could result in that annoying "burn" signal some pressure cookers give off. Once you add your broth (but before you place frozen shrimp on top), stir with a wooden spoon to ensure there is no food stuck to the bottom.
This recipe was prepared in a 6qt Instant Pot. Please adjust accordingly for 3qt and 8qt models.