If have a food mill or want to keep the skins on just core/pit the peaches and apples. Otherwise peel them first before removing the core/pit.
Quarter the peaches and apples and add to the Instant Pot
Add enough water to cover the bottom of the pot about 1/3 to 1/2 of cup.
Set to high pressure for 5 minutes. Seal the pot.
Allow the pot to naturally release before opening.
If using a food mill, run through the food mill now, over top a bowl.
Once cooled enough to taste, check for sweetness. Add honey or sugar if desired.
If sauce is too thin, put back in the Instant Pot and hit the saute bottom. Don't walk awake. Stir the sauce regularly until the desired consistency.