Boil macaroni in salted water until just tender, 7–8 minutes. Drain well and let cool slightly.
Melt butter in a saucepan over medium heat. Whisk in flour and cook, stirring, 1 minute.
Slowly whisk in milk. Simmer, whisking, until thickened, 3–4 minutes.
Season the sauce with salt, pepper, garlic powder, onion powder, and smoked paprika.
Off heat, stir in cheddar and cream cheese until smooth and melted.
Fold macaroni into the cheese sauce. Spread on a sheet pan and chill until firm, 30–45 minutes.
Scoop and roll the mixture into golf-ball-size portions. Freeze 10–15 minutes to set.
Set up three bowls: flour; beaten eggs mixed with milk; panko tossed with fine salt.
Coat balls in flour, dip in egg, then roll in panko. For extra crunch, repeat egg and panko.
Heat oil to 350°F in a deep pot. Fry in batches until golden, 2–3 minutes. Drain on a rack and season lightly with salt.