Add rice, milk, diced strawberries, condensed milk, jam, cinnamon and nutmeg to inner pot of Instant Pot. Close and lock the lid. Select Pressure Cook setting on Low Pressure for 10 mins. When pressure cooking is complete, Quick Release the pressure. Once pressure is released, remove lid.
Divide rice pudding among 4 serving dishes. Garnish with whole strawberries and cinnamon sticks. Alternatively, let cool completely. Refrigerate until chilled.
Garnish rice pudding with shaved white chocolate and lemon zest, or drizzle with melted dark chocolate if desired.