Turn on a multi-functional pressure cooker (such as Instant Pot®); select Saute function and adjust to medium. Cover the bottom of the pot with avocado oil. Cook and stir onion until soft, 4 to 5 minutes. Add garlic and cook until fragrant, about 30 seconds.
Add rice to the pot and mix until coated with oil and lightly browned. Pour in chicken stock; stir any browned bits off the bottom of the pot. Mix in tomato sauce, salt, cumin, and cayenne pepper. Close and lock the lid. Seal the vent and select high pressure function. Set timer for 7 minutes; allow 10 to 15 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer’s instructions, about 5 minutes. Unlock and remove the lid. Stir rice before serving.
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