If using sausage, cut the sausages into bit size slices, else jump to the next step. Set the Instant Pot in "Saute" mode. Once the Instant Pot shows "HOT," heat / brown the sausage for 1-2 minutes. Remove from the Instant Pot and set aside for later.
Add in the chicken broth. If you heated/browned the sausage in the Instant Pot, deglaze the inner pot by scrubbing all the brown bits off the bottom of the pot with a wooden spoon.
Add in the rice and butternut squash.
Close the lid and turn the venting knob to the "sealing" position. Set the Instant Pot in "Manual" mode at 22 minutes. After the cook time is up, let the Instant Pot naturally release for 10 minutes and then release the remaining pressure by turning the venting knob to the "venting" position.
Stir until the butternut squash blends in completely with the rice. If desired, stir in the shredded cheese and the sausage.