Preheat the oven to 350°F and butter a 9x13-inch baking dish.

Bring a large pot of salted water to a boil. Cook the elbow macaroni 1–2 minutes less than the package directions. Drain and set aside without rinsing.

In a medium saucepan, melt the butter over medium heat. Whisk in the flour and cook for about 90 seconds, until it smells nutty and looks like wet sand.

Gradually whisk in the milk and heavy cream. Simmer for 4–5 minutes, whisking often, until the mixture thickens enough to coat the back of a spoon.

Remove the saucepan from the heat. Stir in the cream cheese until fully melted, then add the shredded cheddar and Monterey Jack in two batches, stirring until each is fully melted before adding the next. Season with garlic powder, smoked paprika, black pepper, and salt.

Pour the cheese sauce over the drained macaroni and stir until evenly coated. Transfer to the prepared baking dish.

In a small bowl, mix the panko, melted butter, parmesan, and a pinch of smoked paprika. Sprinkle evenly over the macaroni without pressing down.

Bake for 20–25 minutes, until bubbling at the edges and golden on top. Broil for 1–2 minutes at the end if you want a deeper golden crust, watching closely.

Let rest for 5–10 minutes before serving.