Turn Instant Pot to Sauté mode. Melt butter, add onion and cook for 3 minutes. Stir in garlic and cook for 30 seconds.
Add potatoes, broth, salt, pepper, paprika, parsley and thyme. Stir, close lid, and set valve to Sealing. Pressure cook on High for 8 minutes.
Let pressure release naturally for 5 minutes, then do a quick release.
Stir in the sour cream and cream, then blend with an immersion blender (or mash for a chunky texture). If needed, thicken with cornstarch slurry and simmer for 2 minutes.