Bring a large pot of salted water to a boil. Cook the spaghetti according to package instructions until al dente. Before draining, reserve 1/2 cup of pasta water and set it aside.

While the pasta cooks, heat the olive oil and butter in a large skillet over medium heat. Once the butter melts, add the minced garlic and sauté for 1 to 2 minutes until fragrant. Watch carefully so the garlic does not burn.

Stir in the tomato sauce and tomato paste. Mix until the sauce is smooth and combined. Let the mixture simmer for 3 to 4 minutes, stirring occasionally.

Lower the heat to medium-low. Slowly pour in the heavy cream while stirring. Continue to cook until the sauce begins to thicken, which usually takes 2 to 3 minutes.

Add the softened cream cheese. Stir continuously until the cream cheese melts completely into the sauce. Softening the cream cheese beforehand helps it blend without lumps.

Add the grated Parmesan cheese, Italian seasoning, salt, and black pepper. Keep stirring until the sauce becomes creamy and smooth. Taste and adjust the seasoning if needed.

Add the cooked spaghetti to the skillet. Toss gently until every strand is coated with the cheesy tomato cream sauce. If the sauce feels too thick, add the reserved pasta water one tablespoon at a time until you reach your preferred consistency.

Remove the skillet from heat. Garnish with chopped fresh parsley before serving.