In a large dutch oven or pot, melt the butter over medium-low heat. If needed, increase to medium. When the butter begins to foam, whisk in the flour. Cook, whisking constantly, for 1 minute until the roux turns lightly golden.
Slowly pour in the evaporated milk while whisking in a thin, steady stream. Continue whisking until the mixture is smooth.
Add the heavy cream the same way—pouring slowly while whisking continuously to maintain a creamy texture.
Whisk in the paprika, mustard powder, garlic powder, onion powder, ¼ teaspoon salt, and black pepper. Continue whisking constantly as the sauce comes to a gentle simmer over medium-low heat, then keep whisking for 3–5 minutes, until it thickens to the consistency of light gravy.
Reduce the heat to low. Gradually add the first portion of cheese (1.25 pounds), whisking in small handfuls and allowing each addition to melt completely before adding the next.
The sauce should be smooth and velvety—it should drape, not sit heavy. If the sauce becomes too thick, stir in 1–2 tablespoons of reserved pasta water (keep in mind it’s salted) or heavy cream until it loosens to the desired consistency.
Turn off the heat. Add the cooked pasta and stir gently until every piece is fully coated. Taste and adjust seasoning with salt and pepper as needed.