Heat olive oil and butter in a large skillet over medium heat until butter is melted.
Add minced garlic and sauté for 1-2 minutes until fragrant, stirring frequently to avoid burning.
Add the shrimp to the skillet and season with smoked paprika, salt, black pepper, and red pepper flakes. Cook shrimp for 2-3 minutes on each side until pink and opaque. Remove shrimp from the skillet and set aside.
Pour chicken broth into the skillet and bring to a simmer, scraping any browned bits from the bottom of the pan.
Reduce heat to low and stir in heavy cream. Let the sauce simmer gently for 3-4 minutes until slightly thickened.
Add grated Parmesan cheese to the sauce and stir until melted and smooth.
Return the cooked shrimp to the skillet and toss to coat in the creamy garlic sauce. Cook for an additional 1-2 minutes to heat through.
Remove from heat and sprinkle chopped fresh parsley over the shrimp.
Serve immediately over cooked pasta, rice, or with crusty bread.