Add half the water, tea bags, and peaches to Instant Pot.
Close and lock the lid. Switch the vent to sealing and set the timer to 5 minutes.
When finished, allow pressure to release naturally for 10-15 minutes, then do a quick release.
Open the lid and remove the tea bags. Carefully strain the tea through a fine mesh strainer into a heat-resistant pitcher.
Add the remaining cold water. Sweeten with honey, to taste. Cool completely before serving over ice with peach slices and sprigs of fresh mint, if desired.