Turn the Instant Pot to saute. When it reads "hot" add 2 tablespoons canola oil. Add 1½ cubed boneless skinless chicken breasts, sprinkle with 1 teaspoon salt and ⅛ teaspoon black pepper, and brown on both sides, about 3-4 minutes total.
Add 1 teaspoon minced garlic, 1 teaspoon dried parsley, and stir and cook 1 minute. Add 4½ cups low sodium chicken broth, and scrape the bottom of the pot with a hard metal spoon to remove any stuck on bits. Turn the Instant Pot off.
Add 5 cups bowtie pasta -- don't stir -- and press down with a spatula into the liquid. The liquid will just barely cover the pasta. Put the lid on, turn the valve to sealing, and select Manual or Pressure Cook for 3 minutes.
When the cook time is over, do a quick release (open the valve all the way) and remove the lid. Turn the Instant Pot to saute.
Stir in 1 (8-ounce) package light cream cheese, 1 cup shredded mozzarella cheese, and ¼ cup shredded parmesan cheese. Stir together 2 tablespoons water and 1 tablespoon corn starch and stir into the pasta. Cook and stir until thickened and season to your tastes. Serve.