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Add potatoes, onions, carrots, cashews, and water to the Instant Pot.
Set steam release to Sealing and cook on Manual for 3 minutes.
While you wait for the Instant Pot, add all other ingredients to blender — nutritional yeast, mustard, lemon juice, salt, and paprika.
Allow for natural steam release for 10 minutes, then release remaining steam and open.
Transfer cooked vegetables and cooking liquid to blender. Blend on high until the cheese sauce is creamy and well blended.