Warm canna butter and oil in your Instant pot and set to Saute function. Add lamb and cook until browned on all sides, about 5 minutes. Transfer to a plate. Add onion and shallots to the pot; cook and stir until translucent, 4 to 5 minutes. Add garlic and cook for 1 minute longer.
Pour white cooking wine into the pot and scrape up any browned bits off the bottom of the pot. Cook until wine is reduced by half, 3 to 5 minutes. Place carrots and potatoes on top of onions. Throw in the rosemary and thyme; stir to combine well. Arrange lamb over vegetables; pour beef broth on top.
Close and lock the lid. Open vent for steaming. Select Meat/Stew function; set your timer for 20 minutes.
Release pressure using the natural-release method. Meanwhile, mix the ocld water and potato starch until creamy.
Unlock and remove lid. Switch to Saute function. Stir potato starch mixture into the stew; cook until thickened, 2 to 3 minutes. Season with salt and pepper. Enjoy!