Cook the elbow macaroni according to the package instructions. Drain and set aside.
In a large saucepan, melt butter over medium heat. Stir in the flour until well combined to create a roux.
Gradually whisk in the milk to the roux, stirring constantly to avoid lumps. Continue cooking until the mixture thickens.
Reduce the heat to low. Add the shredded cheddar and grated Parmesan cheese to the sauce, stirring until melted and smooth.
Season the cheese sauce with salt, black pepper, and paprika (if using). Adjust seasoning to taste.
Add the cooked macaroni to the cheese sauce, stirring until the pasta is well coated and heated through.
Serve the quick mac and cheese hot, optionally garnished with additional shredded cheese or a sprinkle of paprika.