Preheat oven to 350°F (175°C) and grease a baking dish.
Cook the macaroni according to package instructions and drain.
In a large saucepan, melt butter over medium heat. Stir in flour and cook for 1 minute.
Slowly whisk in milk and heavy cream, stirring until smooth and thickened.
Add shredded cheddar and mozzarella cheese, stirring until fully melted.
Season with salt, black pepper, and paprika.
Combine the cheese sauce with cooked macaroni and mix well.
Pour into the prepared baking dish.
In a small bowl, mix panko breadcrumbs with melted butter and sprinkle on top.
Bake for 25-30 minutes until golden brown and bubbly.
Serve warm and enjoy!