Preheat the oven to 400°F.
In a large pot, bring salted water to a boil and cook the macaroni until just al dente, following package instructions. Drain and set aside.
In a Dutch oven or large saucepan, melt the butter over medium heat until it starts to foam. Whisk in the flour and stir constantly for 2 minutes. Gradually pour in the heavy cream, whisking continuously, followed by the milk in small increments.
Bring the mixture to a gentle boil, then reduce the heat to a simmer. Stir in the mustard powder, onion powder, hot sauce, salt, and pepper. Lower the heat to the minimum setting and gradually incorporate the shredded cheese, stirring until fully melted and smooth.
Combine the cooked macaroni with the cheese sauce, stirring gently. For a creamier texture, reduce the amount of pasta slightly as the noodles absorb the sauce over time.