In a large saucepan under medium heat, add the oil and the butter. Once the butter is fully melted, add in the onions and cook while stirring occasionally until softened and the onions take on a caramelized golden brown color, about 8 to 10 minutes.
At this point, start to cook the pasta until al dente following the package instructions. Reserve 1/2 cup of the pasta water before draining.
As the pasta cooks, continue with the sauce. Add the garlic into the pan with the caramelized onions and cook while stirring until softened and fragrant, about 1 minute.
Next, mix in the chili oil crisp (here you want to add mostly the crisp mixture out of the oil to prevent the pasta from becoming too oily) and cook for 1 to 2 minutes to allow the flavors to release.
Then, mix in the paprika and black pepper, soy sauce and honey. Once combined, mix in the heavy cream and parmesan cheese. To thin out the sauce, mix in 1/4 cup of the reserved pasta. Taste sauce and season with salt, if needed.
Reduce heat to medium low. Mix in the cooked pasta into the sauce. If needed, mix in a few splashes of the remaining pasta water if the sauce is too thick. You want enough sauce in the pan to cook the pasta in the sauce for 1 to 2 minutes. This will allow the pasta to absorb the flavors of the sauce.
Before serving, sprinkle some freshly chopped parsley and few spoonfuls of the chili oil crisp over the pasta. Enjoy!