Sauté onions, bell peppers, and garlic using the sauté function.
Add red wine and deglaze the pot, scraping up any browned bits.
Stir in crushed tomatoes, oregano, basil, thyme, red pepper flakes, salt, and pepper.
Close the lid, set to sealing, and cook on high pressure for 10 minutes.
Allow for a natural pressure release for 5 minutes, then manually release the remaining pressure.
If using grape tomatoes, add them and set the Instant Pot to sauté for an additional 5 minutes.
Adjust seasoning and serve.