Combine water, macaroni, butter, mustard powder, hot sauce, and salt in a multi-functional pressure cooker. Stir to combine. Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 4 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 lid. Stir the macaroni. Keep pot on the Warm setting. Slowly add American cheese, processed cheese, and Parmesan cheese; allow to melt. Gradually stir in heavy cream until desired thickness is reached.
