Combine the ground beef, breadcrumbs, milk, Worcestershire sauce, basil, parsley, garlic powder, salt, and pepper in a bowl.
Mix together with clean hands until fully combined.
Form into 1-inch meatballs and place at the bottom of the instant pot.
Break the pound of spaghetti noodles in half and arrange on top of the meatballs.
Pour the spaghetti sauce over the noodles and top with the 3 cups of water.
Close the lid on your instant pot and set to sealing.
Cook on high pressure for 5 minutes.
Do a controlled quick release - letting the steam out in quick little bursts.
If the sauce is to thin, set the instant pot to saute and let the sauce cook down for 3-5 minutes.
Serve instant pot spaghetti and meatballs immediately and refrigerate any leftovers.