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Set Instant Pot to the sauté function, and add olive oil, butter, onion, and carrots. Cook for 5 minutes, until fragrant and slightly softened. Add broccoli, cauliflower, thyme, salt, nutmeg, cayenne and black pepper, followed by the broth. Cover, seal, and cook for 8 minutes on manual/high pressure.
When finished, use the quick release function to vent steam. Puree the soup using an immersion blender, or transfer to a regular blender, puree, then return to the Instant Pot. (An immersion blender is so much easier here!)
With the Instant Pot on the keep warm setting, stir in the milk and cheese. Let sit for about 5 minutes, until the cheese is melted and smooth.
Garnish as desired with fresh herbs or more cheese. Serve with bread, crackers, biscuits, etc. as desired. Enjoy!