Bring a large pot of salted water to a boil and cook the elbow macaroni until just al dente, about 8 minutes. Drain and set aside.
In a saucepan over medium heat, melt the butter until it starts to bubble and smell toasty, about 1 minute.
Whisk in the flour and cook for about 1 minute, stirring constantly, until the mixture turns a light golden color and smells slightly nutty.
Gradually pour in the heavy cream and milk, whisking vigorously to keep the sauce smooth. Bring to a gentle simmer and cook for 3-4 minutes until it thickens slightly.
Lower the heat and stir in the shredded cheddar, mustard powder, and a splash of hot sauce. Keep stirring until the cheese melts into a smooth, glossy sauce.
Fold the cooked pasta into the cheese sauce, ensuring every piece is coated in that creamy, cheesy goodness. Taste and adjust seasoning if needed.
In a skillet over medium heat, toast the panko breadcrumbs with olive oil and paprika until golden and crispy, about 3 minutes.
Pour the cheesy pasta into a baking dish and sprinkle the toasted breadcrumbs evenly over the top.
Bake in a preheated oven at 180°C (350°F) for 15-20 minutes until bubbling around the edges and the topping is crispy.
Remove from oven, let it rest for 5 minutes to set, then serve hot with extra hot sauce or cheese if desired.
