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Preheat Instant Pot to saute function.
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In a shallow bowl, mix together flour, 1/2 tsp. salt and 1/4 tsp. pepper. Dredge chicken strips through the flour and shake off the excess.
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Once Instant Pot function switches to HOT add the butter and olive oil. Add chicken to the pan and brown each side, about 2-3 minutes per side. Turn pot off. Add the onions, peppers, garlic cloves, wine, chicken broth, and the remaining seasonings. Turn pot to manual high pressure and set the timer for 5 minutes. Turn the lid to seal and let cook.
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Once 5 minutes is over, do a quick pressure release and open the lid. Remove the chicken, peppers, and onions from the sauce and set aside. Add the half and half and parmesan cheese to the pot and season with additional seasonings to taste. If sauce isn't thick to your liking, turn the pot on the saute function and let sauce cook until thickened, about 5 minutes.
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Serve over pasta or rice.