Preheat oven to 375°. On a large sheet pan, combine beets, mushrooms, rosemary, thyme, salt, pepper, and 1 tbsp olive oil. Toss to combine. Bake for 30 minutes or until browned.
Meanwhile add 4 cups broth to a saucepan and heat to a simmer over medium heat. Adjust heat as needed to maintain a low simmer.
Heat 1 tbsp olive oil in a large heavy pot over medium heat. Add sausage and cook, stirring occasionally, for about 2-3 minutes until browned. Remove to a plate.
Add shallot to the pot and cook, stirring often, until softened, about 1-2 minutes. Add Arborio rice and cook for 2-3 minutes, stirring frequently. Pour wine into the pot and stir until it is mostly absorbed, scraping any bits stuck to the bottom of the pan.
Add broth to pot ½ cup at a time, still on medium heat and stirring frequently. Add more broth once most of the last addition has been absorbed. After about 15 minutes or when 3 cups broth have been added start checking to see if the rice is cooked. It should be al dente, if it's not continue to add broth as needed. With the final addition also add in beets, mushrooms, sausage, most of the parsley, and Parmesan cheese. The risotto should not hold form, add more broth if needed. Divide amongst bowls and top with remaining parsley.