Spoon fat from turkey dripping juices. Add broth to measure 4 cups total liquid.
Cook pan juices on saute mode for 2-3 minutes, allowing to come to a boil. Cancel, the press saute again and adjust heat to medium.
Mix cornstarch and cold water together in a small bowl until cornstarch has dissolved, and then whisk into the pan juices.
Add salt and pepper and continue whisking until gravy reaches desired thickness. Use Instant Pot warm mode to keep gravy warm until ready to serve, then transfer to serving bowl or gravy boat.