Heat oil in a multicooker on sauté mode. Add shallots and cook, stirring, until starting to soften, about 2 minutes. Add garlic and sage; cook until fragrant, about 1 minute. Add rice, stirring to coat. Add wine and cook, stirring, until mostly absorbed, about 2 minutes. Pour in broth and then add squash, salt and pepper.
Turn off sauté mode. Close and lock the lid and cook on high pressure for 6 minutes. Release the pressure and remove the lid. Stir in Parmesan and let stand until thickened, about 10 minutes.