Set the Instant Pot to ‘Sauté’ mode and heat the olive oil.
Add the beef cubes in batches and brown on all sides, about 4-5 minutes per batch. Remove browned beef and set aside.
Add the diced onion to the pot and sauté for 3 minutes until softened.
Add the minced garlic and cook for 1 minute until fragrant.
Return the browned beef to the pot and stir in the tomato paste, Worcestershire sauce, dried thyme, dried rosemary, smoked paprika, black pepper, and salt.
Pour in the beef broth and water, scraping the bottom of the pot to release any browned bits.
Add the carrots, celery, and potatoes to the pot and stir to combine.
Close the Instant Pot lid and set the valve to ‘Sealing’. Select ‘Pressure Cook’ or ‘Manual’ mode and set the timer for 30 minutes.
When the cooking cycle is complete, allow the pressure to release naturally for 10 minutes, then carefully turn the valve to ‘Venting’ to release any remaining pressure.
Open the lid and switch the Instant Pot back to ‘Sauté’ mode.
In a small bowl, mix the cornstarch with cold water until smooth to create a slurry.
Stir the cornstarch slurry into the stew and cook for 3-5 minutes until the stew thickens.
Add the frozen peas and cook for an additional 2 minutes.
Turn off the Instant Pot and stir in the chopped fresh parsley.
Serve hot.