Bring broth and water to a boil in a 4-quart pot. Add asparagus and cook, uncovered, until crisp-tender, 3 to 4 minutes. Transfer asparagus with a slotted spoon to a large bowl of ice and cold water to stop cooking, then drain and pat dry. Keep broth at a bare simmer, covered.
Heat 1 tablespoon of the olive oil in a large saucepan over medium heat. Then sauté mushrooms, stirring occasionally, until browned, about 4 minutes. Season with salt and pepper, then transfer to a bowl.
In same saucepan over medium heat, cook shallots in remaining 1 tablespoon olive oil, stirring until softened, about 3 minutes. Add rice and cook, stirring, 1 minute. Add wine and cook, stirring, until absorbed, about 1 minute.
Ladle in 1 cup simmering broth and cook at a strong simmer, stirring, until absorbed, about 2 minutes. Continue simmering and adding broth, about 1/2 cup at a time, stirring frequently and letting each addition be absorbed before adding next, until rice is just tender and looks creamy, 18 to 20 minutes. (Save leftover broth for thinning.)
Remove from heat and stir in 1/2 cup cheese, butter, lemon zest, and salt and pepper to taste. Gently stir in asparagus, mushrooms, and artichokes; then cover pan and let stand 1 minute. If desired, thin risotto with some of the remaining broth. Serve immediately with fresh parsley and remaining cheese on the side.