Cut the chuck roast into 1 ½-inch cubes, removing any large, tough pieces of fat or gristle.

Turn the Instant Pot to SAUTE. Add 1 tablespoon of the oil. Once the oil is hot and shimmering, add half of the beef, 1 teaspoon salt, and ¼ teaspoon pepper. Let the cubes of beef cook undisturbed for 4 to 5 minutes until browned.

Transfer the seared meat to a clean plate or bowl. Add another 1 tablespoon of olive oil to the pot and sear the remaining beef.

While the meat browns, dice the yellow onion and mince the garlic. Peel the carrots and cut them into ½-inch-thick diagonal slices.

Remove the second batch of browned beef to the plate with the first batch. Add the remaining tablespoon of olive oil and the onion to the Instant Pot. Cook until the onion begins to soften and brown, about 6 minutes.

Add the garlic to the Instant Pot and cook until fragrant, about 30 seconds.

Add the beef broth and scrape the brown bits from the bottom of the pan.

Stir in the carrots, potatoes, Worcestershire sauce, bay leaf, thyme, and the browned beef. Pour the tomato sauce on top without stirring.

Close and seal the Instant Pot. Cook on high pressure for 35 minutes, then allow the pressure to release naturally for 10 minutes.

Vent the steam valve to release any remaining pressure, then carefully open the lid. Remove and discard the bay leaf.

In a small bowl, whisk together the cornstarch and water to create a slurry. Add to the Instant Pot and stir until the stew thickens. Add the peas and stir to warm through. Serve hot, sprinkled with fresh parsley.