Add beef stew meat, flour, 1 tsp salt, and ½ tsp pepper to a large mixing bowl or paper bag. Toss or shake until meat is evenly coated.
Turn the Saute mode on Instant Pot. Pour in avocado oil and when hot, add a single layer of meat. Sear each side for 2-3 minutes, then set aside. Repeat for the remainder of the beef. Do not overcrowd the pot or else the beef will steam instead of sear.
Add the onion and garlic to the Instant Pot, stirring constantly to prevent burning. Add more oil if necessary. Cook until onion starts to get translucent at the edges, about 2-3 minutes. Stir in tomato paste and toast 1 minute.
Pour in red wine. Use a wooden spoon to scrape all the browned bits off the bottom. Let reduce for 3-4 minutes or until half its volume. Turn off Saute mode.
Add balsamic vinegar, beef broth, Worcestershire sauce, herbs, beef stew meat, and remaining salt and pepper to the Instant Pot. Stir well. Seal the Instant Pot and cook on Manual, High Pressure for 10 minutes. Let release naturally for 10 minutes.
Remove the lid and add the potatoes, carrots, and celery to the Instant Pot. Re-seal and cook on Manual, High Pressure for an additional 3 minutes. Let release naturally for 5 minutes.
Remove bay leaves and stir in the frozen peas. Season to taste (careful, it'll be hot!).
Top with parsley and serve with toasted sourdough bread or a French baguette on the side.