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Using your hands, thoroughly combine turkey, pesto, bread crumbs, egg, and 1/2 teaspoon salt in a large bowl. Roll mixture into meatballs (using a scant 1/4 cup of mixture per meatball).
Place oil in pot. Select SEAR/SAUTÉ and set temperature to MD:HI. Select START/STOP to begin. Heat until oil is shimmering. Add meatballs and cook until browned well on all sides, about 10 minutes. Transfer meatballs to a plate; set aside.
Add onion, garlic, and remaining 1/2 teaspoon salt to pot, and cook until softened, about 3 minutes.
Stir in water, marinara sauce, and pasta, then reduce heat to MD. Nestle browned meatballs into pasta.
Cover pot with pressure lid. Do not lock it in place, but make sure the pressure release valve is in the VENT position. Simmer until pasta is tender and meatballs are cooked through, about 12 to 15 minutes.
When cooking is complete, select START/STOP to turn off SEAR/SAUTÉ. Season with salt and pepper, to taste, sprinkle with basil and Parmesan cheese, and serve.