Beat cream cheese in 8- to 9-inch round 3-quart ceramic baking dish until smooth. Add 2½ cups Cheddar, ranch dressing and hot pepper sauce; stir to blend. Stir in turkey. Sprinkle with remaining ½ cup Cheddar. Cover dish with foil.
Prepare foil handles.* lace rack in Cooking; add water. Place prepared dish into Cooking Pot using foil handles. Secure lid. Press STEAM, set pressure to HIGH and time to 15 minutes. Make sure Steam Release Valve is in the “Seal” (closed) position. Press START/STOP. *Tear off three 18X2-inch strips of heavy-duty foil. Crisscross the strips so they resemble the spokes of a wheel. Place the dish in the center of the strips. Pull the strips up and over the dish. Leave the strips in during cooking so you can easily lift the item out again when it’s ready.
Once cooking is complete, natural release pressure 5 minutes, then release remaining pressure. Remove dish from Cooking Pot using foil handles. Remove foil; sprinkle dip with paprika, if desired. Serve with tortilla chips and celery, if desired.