Set the Instant Pot to Sauté and wait until it reads "Hot." Add the canola oil.
Add the cubed chicken, sprinkle with salt and black pepper, and brown on both sides about 3–4 minutes total.
Add the minced garlic and dried parsley, stir, and cook for 1 minute.
Pour in the chicken broth and scrape the bottom of the pot with a spatula or spoon to loosen any browned bits. Turn the Instant Pot off.
Add the bowtie pasta to the pot without stirring and press it down so the pasta is mostly submerged in the liquid.
Secure the lid, set the valve to Sealing, and select Manual/Pressure Cook on high for 3 minutes.
When the cook time ends, perform a quick release by carefully opening the valve. Remove the lid and switch the pot to Sauté.
Stir in the cream cheese, mozzarella, and parmesan until melted and combined.
In a small bowl, whisk together the water and cornstarch until smooth, then stir it into the pasta. Cook and stir until the sauce thickens, taste, and adjust seasoning if needed.
Serve immediately.
