Gather and prep your ingredients. Cube the cream cheese and leave at room temperature for at least 10 minutes. Shred the cheddar and Gruyere using a box grater or electric cheese grater. Measure all dry spices into a small bowl.
Add the uncooked elbow macaroni directly to the Instant Pot insert. Add 4 cups of cold water, salt, dry mustard powder, garlic powder, onion powder, and black pepper. Stir briefly to distribute the seasonings evenly and ensure the pasta is fully submerged.
Secure the lid and turn the vent valve to "Sealing." Select "Manual" or "Pressure Cook" and set the timer to 4 minutes on HIGH pressure. Once the timer is up, immediately perform a quick release by carefully turning the vent valve to "Venting."
Carefully open the lid and give the pasta a quick stir. It should be tender with a slight bite. If slightly underdone, place the lid back on (Instant Pot off) for 2 minutes. Do not drain the starchy liquid.
Turn the Instant Pot to "Saute" on LOW heat, or work with residual heat. Add the butter and stir until melted. Add the cubed cream cheese and stir continuously until fully melted and no lumps remain, about 1 to 2 minutes.
Pour the evaporated milk into the pot in a slow, steady stream while stirring constantly. Stir for about 1 minute until the milk combines fully with the cream cheese and pasta to form a smooth, creamy base.
Add the shredded sharp cheddar in two or three small batches, stirring thoroughly between each addition. Then add the shredded Gruyere in the same fashion. Continue stirring until the sauce is uniform, glossy, and coats the pasta evenly.
Taste the mac and cheese and adjust seasoning as needed with salt, pepper, or dry mustard. Serve immediately, as the sauce will continue to thicken as it sits.