Start your Instant Pot on the Saute setting and set the temperature to 'more' - heat your olive oil. Add the onions, carrots and celery and saute about 8-10 minutes until softened and lightly browned.
Add the pancetta and saute about 5 minutes.
Add the ground beef, pork, kosher salt and freshly ground black pepper. Continue to saute, breaking up the meat until browned and the juices have mostly evaporated.
Add garlic and tomato paste and saute for about 1 minute. Add the red wine and deglaze the pan -- scraping all the yummy brown bits from the bottom of the pan -- Simmer for about 3 minutes to allow the wine to evaporate.
Stir in the crushed tomatoes, water and 1/4 cup parsley and bring that to a simmer - not quite boiling.
Place the lid on the Instant Pot and twist to close. Set the Pot to Pressure Cook. The pressure setting to High and the timer for 20 minutes.
Carefully use the quick release and remove the lid when the float drops.
Put the pot back to the Saute setting and set the temperature to 'less'. Simmer uncovered for 5-15 minutes, stirring often, until the sauce is the consistency you desire.
Stir in the heavy cream ad the remaining parsley. Add additional salt and pepper to taste.
Serve over the cooked pasta of your choice ad top with a generous helping of grated cheese.
