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Turn on a multi-functional electric pressure cooker and select Saute function. Cook and stir sausage and onion until well browned, 5 to 10 minutes. Add butter to the pot and let it melt. Mix in beef stock, thyme, and hot sauce. Add cabbage and stir until well coated. Close and lock the lid.
Select high pressure according to manufacturer's instructions; set timer for 5 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove lid. Season sausage and cabbage with salt and pepper. Serve using a slotted spoon.