Set the Instant Pot to saute and add in your diced bacon. Fry until crispy, about 5 minutes.
Remove the bacon with a slotted spoon and place it onto a paper towel lined plate.
Add the diced shallots, garlic, fresh thyme, and crushed red pepper flakes to the pot. Stir to combine and cook for about 5 minutes or until translucent.
Add in the rice and stir to combine. You're just lightly toasting the rice to bring out the flavors, no more than 5 minutes.
Deglaze the pan with the white wine and scrape up any brown bits from the bottom of the pan. Then, turn off the Instant Pot.
To the pot, pour in the chicken stock and stir to combine.
Place the lid on the Instant Pot, lock it into place, and ensure the vent is in the "sealed" position.
Set the pressure to high and cook for 5 minutes. Remember - the Instant Pot must first build pressure before it starts the cooking time.
When the Instant Pot beeps, the rice is fully cooked. Let natural release for 5 more minutes, and then quick release.
Remove the lid and stir in the Parmesan cheese, heavy cream, and unsalted butter. Stir to combine until creamy.
Quickly stir in the egg yolks so they do not scramble. You'll want to ensure to keep stirring rapidly until combined and creamy.
Stir in the cooked bacon.
Taste, and season with desired amount of kosher salt. I usually end up adding about 1 teaspoon but the amount you add may depends on the saltiness of your cheese.