In a medium skillet over medium heat, cook the bacon until crispy and golden brown, about 6–8 minutes. Transfer to a plate lined with paper towels and chop into bite-sized pieces.

In a large pot, bring salted water to a vigorous boil. Add elbow macaroni and cook according to package instructions for about 8–10 minutes until al dente. Drain the pasta and return it to the pot.

In the same pot, melt the butter over medium heat. Whisk in the flour, stirring for about 1–2 minutes until bubbly and light golden.

Gradually whisk in the milk to the roux, stirring continuously for another 3–5 minutes until smooth and creamy. Add the ranch seasoning, white pepper, and dry mustard, whisking until incorporated.

Lower the heat and stir in the cream cheese until melted, then add the mixed cheese and stir until completely melted.

Fold the cooked pasta into the cheese sauce and stir in the chopped bacon, reserving a few pieces for garnish.

Heat the combined pasta and cheese over low heat for an additional 2–3 minutes. Serve in bowls, garnished with parsley and reserved bacon bits.