01 - Preheat oven to 400°F. Line a baking sheet with parchment paper and set aside.
02 - Using a sharp knife, carefully halve the spaghetti squash lengthwise. Scoop out and discard the seeds. Lightly brush the cut sides with olive oil if desired.
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 the strands separate easily when pulled with a fork.
04 - While the squash roasts, melt the butter in a medium saucepan over medium heat. Whisk in the flour and cook for 1 minute to form a roux. Slowly pour in the milk while whisking constantly until smooth. Bring to a simmer and continue stirring until the sauce thickens, about 2 to 3 minutes.
05 - Remove the saucepan from heat. Stir in the cheddar cheese, Parmesan cheese, garlic powder, ground mustard, salt, and black pepper until the cheese is fully melted and the sauce is smooth.
06 - Use a fork to shred the roasted squash flesh into spaghetti-like strands. Transfer the strands to a large mixing bowl and gently toss with the cheese sauce until evenly coated.
07 - Transfer the coated squash mixture to a greased baking dish. In a small bowl, combine the panko breadcrumbs, Parmesan cheese, and melted butter. Sprinkle the topping evenly over the squash. Broil on high for 2 to 3 minutes until the topping is golden brown.
08 - Serve warm, garnished with additional Parmesan cheese or fresh herbs if desired.