Begin by setting your Instant Pot to the 'Sauté' function. Add the vegetable oil and butter, allowing it to melt and heat up. Once hot, toss in the diced onion and green bell pepper. Sauté for about 3-4 minutes until the onion becomes translucent. Next, add the sliced mushrooms and continue cooking for another 2 minutes.
Stir in the sliced smoked sausage and the bite-sized chicken pieces. Cook for another 5 minutes, allowing the chicken to brown slightly and the sausage to release its flavorful juices. Add the minced garlic, smoked paprika, and Italian seasoning, stirring everything together for about 1 minute until fragrant.
Pour in the chicken broth and the undrained petite diced tomatoes. Stir well to combine all the ingredients. This will create a delicious base for your pasta.
Add the uncooked penne pasta directly to the pot. Do not stir; just push it down into the liquid. This helps to ensure that it cooks evenly without clumping.
Sprinkle the Cajun seasoning and cayenne pepper over the pasta. Close the lid of the Instant Pot and make sure the valve is set to 'Sealing.' Select the 'Manual' or 'Pressure Cook' setting and set the timer for 5 minutes.
Once the cooking time is up, carefully do a quick release by turning the valve to 'Venting.' Once all the steam has escaped, open the lid. Stir the pasta mixture to combine it well.
Add the softened cream cheese, grated Parmesan cheese, and heavy cream to the pot. Stir until the cheeses are melted and the sauce becomes creamy and luxurious. This is where the magic happens!
Spoon the creamy Cajun pasta into bowls and garnish with chopped fresh parsley. Serve immediately and enjoy the rich, comforting flavors of this dish!