Add the macaroni, butter, salt, pepper, hot sauce, mustard and water into the inner pot of the Instant Pot.
Stir all ingredients together. Put lid on pot and seal the valve. Push manual and adjust time to 4 minutes.
When done, quick release all pressure.
Open lid and press cancel then push saute. Adjust to low mode for saute. Pour in milk and heavy cream and stir. (may need more liquid depending on how thick the sauce is)
Stir in cheese, about a 1/2 cup at time allowing for cheese to melt into the macaroni. You can add more or less cheese depending on how cheesy you’d like your pasta.