Combine water, peaches, rice, peach preserves, vanilla bean paste, and salt in a multi-functional pressure cooker (such as Instant Pot®). Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 5 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure using the natural-release method according to manufacturer's instructions, for 15 minutes, then release remaining pressure using the quick-release method.
Melt coconut oil in a skillet over medium heat. Add pecans, sugar, and cinnamon. Cook and stir until pecans are toasted, 2 to 3 minutes.
Stir pecan mixture into the rice. Divide mixture into 4 serving bowls and top each bowl with 1 tablespoon cream. Serve immediately.