Use the "Saute" function on Instant Pot. Add olive oil to the pot. Add the beef, Italian sausage, and pancetta and cook until browned, breaking up the meat with a wooden spoon or spatula as it cooks. Drain the liquid into a bowl, leaving the meat mixture in the pot, skim off the oil and reserve. Return it to pot when the tomatoes and broth are added. It's all flavor babee.
Add onion, carrot and celery and cook for 4 more minutes, or until softened. Make sure to scrape the bottom of the pot as the onions and peppers cook and give off liquid, this will prevent scorching and the auto-shut off feature.
Add garlic and cook until fragrant, ~30 seconds. Add red wine and cook, stirring often, until reduced, about 2 minutes.
Add remaining ingredients, except basil, fresh parsley and cream. Stir, once again scraping the bottom of the pot to ensure no browned bits remain.
Cancel the saute, and place lid on Instant Pot, making sure the valve is set to "SEALING", DO AS I SAY NOT AS I DO, lol. Press the Pressure Cook or Manual button and use the +/- buttons to set the timer for 20 minutes.
Once the timer beeps, use quick pressure release and vent. When the pin drops, remove lid. Remember, ITS HOT so be careful.
Select "saute" and select LOW. Stir in heavy cream or milk, parsley and basil. Simmer, uncovered, stirring often, until desired consistency is reached, about 5 minutes.
Taste and adjust seasoning if necessary. Serve over pasta with grated Parmesan cheese and additional chopped basil if desired.