Choose the Sauté option and set it to medium. Incorporate the butter and olive oil and mix until the butter is completely melted and spread evenly on the base.

Combine onions, garlic powder, and Italian seasoning. Add salt and black pepper to taste and mix well. Stir occasionally while sautéing until onions are soft and slightly browned, which should take about 10-15 minutes.

After adding balsamic vinegar and red wine, use a spatula to deglaze the pot's bottom and release any browned bits. Reduce the liquid by half, then add Worcestershire sauce (if desired) and beef broth. Finally, turn off the unit by pressing the Cancel button.

Before placing the chicken breasts in the Instant Pot, generously sprinkle salt and black pepper on both sides. Then, add bay leaves and fresh thyme sprigs on top.

Ensure that the pressure release valve is set to Sealing, then securely attach the lid and lock. Choose the highest setting and press the Manual button, adjusting the cook time to 6 minutes.

After the cook time is up, wait for 5 minutes to let the pressure release naturally. Then, do a quick release to get rid of any remaining pressure. When the pin drops and steam stops coming out, take off the lid carefully and throw away the bay leaves and thyme stems.

After placing the mild Provolone slices over the chicken breasts, cover the dish and let it sit for 2 to 3 minutes until the cheese is completely melted.