Pour water into a multi-functional pressure cooker (such as Instant Pot®). Set elevated trivet inside of the pot.
Mix milk, oats, freeze-dried strawberries, cream, cinnamon sugar, and salt together in a small glass bowl. Set bowl on top of the trivet. Close and lock the lid. Select Porridge function; set timer for 5 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove the lid. Garnish oatmeal with fresh strawberries.