01 - Preheat oven to 400°F. Line a rimmed baking sheet with parchment paper.
02 - Using a sharp knife, carefully slice the spaghetti squash in half lengthwise. Scoop out and discard the seeds and stringy fibers from the center.
03 - Place the squash halves cut-side down on the prepared baking sheet. Roast for 35 to 40 minutes until the flesh is fork-tender and strands pull apart easily with gentle pressure.
04 - While the squash roasts, melt the butter in a medium saucepan over medium heat. Whisk in the flour and cook, stirring constantly, for 1 minute to form a smooth roux.
05 - Slowly pour in the milk while whisking continuously to prevent lumps. Bring the mixture to a gentle simmer and cook for 2 to 3 minutes, stirring constantly, until the sauce thickens enough to coat the back of a spoon.
06 - Remove the saucepan from heat. Add the shredded cheddar, grated Parmesan, garlic powder, ground mustard, salt, and black pepper. Stir until all the cheese has melted and the sauce is smooth and creamy.
07 - Once cool enough to handle, use a fork to scrape the squash flesh into long strands. Transfer the strands to a large mixing bowl and pour the cheese sauce over top. Gently toss until every strand is evenly coated.
08 - Transfer the coated squash to a greased baking dish. In a small bowl, combine the panko breadcrumbs, Parmesan cheese, and melted butter. Sprinkle the mixture evenly over the top. Broil on high for 2 to 3 minutes until the topping turns golden brown and crispy.
09 - Serve immediately while warm. Garnish with additional Parmesan or fresh herbs such as parsley or chives if desired.