Select the “Sauté” function on the Instant Pot™ and set to high heat.
Add the olive oil and onion to the pot. Sauté, stirring frequently, until the onion softens and develops a bit of color, approximately 3-4 minutes.
Add the cinnamon, nutmeg, rosemary, thyme, crushed red pepper flakes, and fresh ginger. Stir to combine and cook, stirring occasionally, until nicely browned and the spices are fragrant, approximately 3-4 minutes.
Deglaze the pot by adding the balsamic vinegar and gently scraping the bottom of the unit to incorporate the brown bits into onion mixture.
Add the brown sugar, orange zest, orange chunks, and cherries to the Instant Pot™. Stir to combine and turn the unit off.
Add the lid and lock it into place, then set the release valve to “Sealing.” Select the “Manual” function and adjust the cook time to 3 minutes.
Meanwhile, place the top oven rack in the center position and pre-heat the oven to 350°F.