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Stir the macaroni, butter, mustard, hot pepper sauce, salt, and 4 cups water in the pressure cooker pot. Lock the lid on the pressure cooker and cook on high pressure for 4 minutes in an electric PC or stovetop PC. (For an Instant Pot, use Manual or Pressure Cook mode, and set the time to 4 minutes.) When the cooking time is done, quick release the pressure and remove the lid.
Turn the heat under the pot down to low (or turn the electric pressure cooker to sauté-low or keep warm mode), and stir in the evaporated milk. Test a piece of pasta by taking a bite – it should be al dente, but cooked through. If the pasta is still tough in the middle, simmer it for a few minutes, until it is tender. Stir in the cheese one handful at a time, stirring constantly and waiting for the current handful to melt before adding the next handful.
Optional step, if you like a toasted bread crumb topping: Pour the macaroni into a 3 quart broiler-safe dish, patting it down to level out the surface. Sprinkle the panko over the macaroni and cheese in an even layer. Broil the macaroni and cheese on high until the bread crumbs are toasted, about 5 minutes. Check the bread crumbs often – they go from pale brown to burnt in a flash.