It depends. If you are happy with what you already have, (and you already have a pressure cooker) then you may not need it. Having said that, I love my instant pots (A Mini, purchased when the kids moved out recently, and an 8-quart). I also have a stovetop pressure cooker, and an extra Instant Pot for Passover. The benefit of an Instant pot is that you can pretty much set it and go away. You don't have to babysit it. It makes great dried-bean dishes and whole grain sides (which is what I primarily use it for). It cuts down on the cooking time for artichokes and is useful for other vegetables. It makes fail-proof soft or hard boiled eggs that peel easily (but you can do that on the stovetop of course), and as a subset, great "Korean Sauna Eggs", which turn tan and savory during a long cook time and make a great snack or part of a meal. I haven't used it for chicken soup (I use my stovetop pressure cooker), but people say it makes a great version. It also makes a no-fail yogurt according to many, and there are those who use it for the purpose of proofing bread dough. I have also used it (off-label--don't tell) to sterilize jam. I use it almost every day. I have a small-ish (NYC) kitchen and so far it earns its place on the countertop.
I've been cooking for 50 years and until a few months ago I only had a slow cooker which I mainly used to keep mashed potatoes warm during the holidays. A few months ago I purchased an InstaPot and have used it once. My answer is No - you don't need one - but you might want one for the convenience.
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Having said that, I love my instant pots (A Mini, purchased when the kids moved out recently, and an 8-quart). I also have a stovetop pressure cooker, and an extra Instant Pot for Passover.
The benefit of an Instant pot is that you can pretty much set it and go away. You don't have to babysit it. It makes great dried-bean dishes and whole grain sides (which is what I primarily use it for). It cuts down on the cooking time for artichokes and is useful for other vegetables. It makes fail-proof soft or hard boiled eggs that peel easily (but you can do that on the stovetop of course), and as a subset, great "Korean Sauna Eggs", which turn tan and savory during a long cook time and make a great snack or part of a meal. I haven't used it for chicken soup (I use my stovetop pressure cooker), but people say it makes a great version. It also makes a no-fail yogurt according to many, and there are those who use it for the purpose of proofing bread dough. I have also used it (off-label--don't tell) to sterilize jam. I use it almost every day. I have a small-ish (NYC) kitchen and so far it earns its place on the countertop.