It is a pressure cooker; but you can use it as a slow-cooker, too (you’d want to get the extra glass lid for that); and the model we bought will make yogurt. It’s electric, not a stove-top cooker.
I have a very expensive pressure cooker we bought when we were boaters. I don’t see the advantage to an Instant Pot over a pressure cooker other than it’s a stovetop vs. electric power. What am I missing?