In a large mixing bowl (or stand mixer), mix together the sugar, 3 eggs yolks, cream cheese, and peppermint extract until mixed well.
In another bowl, beat the egg whites until they are stiff and creamy. Then carefully fold the beaten egg whites into the cream cheese cheesecake mixture.
Add food coloring and crushed candy canes for the cheesecake filling.
Pour the cheesecake mixture into the prepared crust.
Cover the cheesecake pan with foil.
Put the trivet into the bottom of the Instant Pot with 1 cup of water.
Carefully place the springform pan onto the trivet. (See note in post for idea to easily remove cheesecake)
Place lid on and lock the Instant Pot lid and move the valve to seal.
Push the manual button and add a cook time of 35 minutes.
When done, let the pressure naturally release.
Remove cheesecake and place on a wire rack and allow it to cool to room temperature. When cooled place in the fridge overnight still in the pan. If rushed you can just chill for 4 hours.