Yes they can! Enjoy!

You can cook this in an Instant Pot! Implement steps 1-3, cook in the Instant Pot as directed for a cubed pork/beef stew. Because the Instant Pot is sealed the liquid will not cook down so it will come out as more of a stew rather than cubes of meat in a thick glaze or sauce. It will taste great like this but you could also transfer it back to the stovetop to cook down the liquid.

Typically the caramel sauce is made first so that you can control the cooking and get the right level of darkness and the desired caramel flavour. Simply melting the sugar into the coconut water and cooking it with the pork until it reduces to almost nothing would result in a tasty sauce but you would have less control over how much caramelization of the sugar and caramel flavour.

Most caramel pork recipes call for melting the sugar and doing the caramel before adding the coconut water, is there a difference to just adding sugar to the coconut water and letting it caramelize in the end (which would seem simpler to me)?