Heat the butter and sage in a 6-quart pressure cooker over medium-high heat until the butter begins to brown slightly, about 1 minute. Add the squash, onion, garlic and 1 teaspoon salt. Cook, stirring occasionally, until the vegetables soften, about 5 minutes.
Add the rice and stir until the grains are evenly coated. Stir in the wine, broth and 2 cups water. Add the parmesan rind, if desired. Lock the lid in place, increase the heat to high and bring the cooker to high pressure. Lower the heat to maintain high pressure and cook 3 minutes. Remove from the heat and use the quick-release valve to bring down the pressure according to the manufacturer's instructions.
Carefully remove the pressure-cooker lid. Discard the parmesan rind, if using. Add the chopped gouda and stir until the cheese melts and the risotto thickens slightly. Season with salt and pepper, then stir in the arugula. Garnish with shaved gouda.