Mix flour, salt, pepper, garlic powder, and seasoned salt together in a shallow bowl. Add beef and toss to coat.
Turn on a multi-functional pressure cooker (such as Instant Pot(R)) and select Saute function. Melt butter in the pot. Add beef in small batches and cook until browned, about 5 minutes. Transfer beef to a plate.
Add onion to the pot and saute for 4 minutes. Add garlic and tomato paste and cook until melded together, about 30 seconds. Pour in broth and wine; bring to a simmer, about 5 minutes. Scrape cooked bits from the bottom of the pot. Add browned beef, potatoes, carrots, celery, and parsnips. Add thyme and adjust seasoning, if desired.
Close and lock the lid. Choose Manual and high pressure; set the timer for 20 minutes. Allow 10 minutes for pressure to build.
Release pressure using the natural-release method according to manufacturer's instructions, about 15 minutes. Unlock and remove the lid.
Transfer meat and vegetables to a serving plate. Select Saute function and simmer liquid in the pot until reduced by half, about 10 minutes. Serve alongside stewed meat and vegetables.
