Combine the butter, garlic, paprika, thyme, salt and pepper together in a small bowl.
Place the trivet that came with the Instant Pot in the bottom of the Instant Pot insert. Place the turkey breast on top of the trivet in the instant pot breast side up.
Pour the butter mixture over the top of the turkey and use a basting brush to spread the ingredients over the turkey.
Place the lid on the instant pot and set the valve to the sealing position on the lid. Cook on high pressure for 30 minutes. When the cook time is done, let the pressure release naturally for 10-15 minutes and then do a quick release to release all the pressure from the instant pot.
Remove the turkey breast from the instant pot and let sit for 5 minutes before slicing.
Then remove the trivet from the instant pot and switch the instant pot to the sauté setting.
Cook on sauté until the mixture starts to boil slightly.
Then combine the cornstarch and water together in a small bowl. Whisk the cornstarch mixture into the instant pot and heat for 3-4 minutes, stirring constantly until the gravy thickens to the consistency that you prefer.
Slice the turkey and serve with the gravy drizzled over the top and enjoy!