Finely shred the cheddar (a fine shred melts more smoothly). Set aside about 1 heaping cup for topping. Lightly grease a 3-quart/9x13-inch baking dish.
Bring a large pot of well-salted water to a boil. Add the macaroni and cook until very firm—about 2 minutes shy of package al dente. Reserve 1/2 cup pasta water, then drain.
While the pasta cooks, heat the oven to 375°F. In a wide saucepan over medium-low heat, warm the heavy cream with the dry mustard, smoked paprika, and 1/2 teaspoon of the kosher salt until steaming (do not boil).
Remove the cream from the heat and whisk in the cream cheese until completely smooth and glossy.
Return the pan to low heat and add about two-thirds of the shredded cheddar a handful at a time, stirring just until melted between additions. If the sauce seems too thick, loosen with 2 to 3 tablespoons reserved pasta water.
Fold the drained macaroni into the sauce. Taste and add more salt if needed. Spread the mixture into the prepared baking dish.
Scatter the remaining shredded cheddar evenly over the top. Bake on the center rack for 14 to 16 minutes, until the edges are bubbling and the center is hot.
Switch the oven to broil and brown the top for 45 to 90 seconds, watching closely. Let the mac and cheese rest 8 to 10 minutes so the sauce sets and turns ultra-creamy before serving.