Begin by pouring the elbow macaroni and water into the Instant Pot. Make sure the macaroni is submerged.
Secure the lid on the Instant Pot and set it to high pressure for 4 minutes. Once the cooking time is up, perform a quick release.
Carefully open the lid; stir the macaroni to ensure even cooking. Add the unsalted butter, garlic powder, onion powder, mustard powder, paprika, salt, and pepper. Mix well.
Next, add the shredded cheddar cheese and cubed cream cheese to the macaroni mixture. Stir until the cheeses melt and create a creamy sauce; if the mixture is too thick, add the milk gradually until the desired consistency is reached.
Taste and adjust seasoning if necessary. Give it a final stir to ensure everything is well combined and creamy.
Notes
Serve topped with extra cheese, paprika, and parsley for added flavor.