Return shallots and garlic to the Instant Pot® and pour in wine. Stir well, scraping the bottom of the pot with a wooden or plastic spoon, for 30 seconds. Stir in rice and saute in the wine mixture for 2 1/2 minutes, stirring constantly and scraping the bottom of the pot to loosen any brown bits. Stir in chicken broth, cream, salt, pepper, and thyme. Cancel Saute function.