Boil the elbow macaroni in salted water for 5-6 minutes, about 2 minutes less than package directions. Drain and rinse briefly with cool water.
Shred the sharp cheddar cheese with a box grater. Cube the white American cheese into ½-inch pieces.
Spray the 6-quart slow cooker with non-stick cooking spray or use a slow cooker liner. Add the drained macaroni and cubed butter, stirring to coat the noodles.
Pour in the evaporated milk and whole milk. Add the sour cream, dry mustard powder, garlic powder, onion powder, salt, black pepper, and cayenne pepper (if using). Stir thoroughly.
Add the shredded sharp cheddar cheese and cubed white American cheese. Stir to distribute the cheese evenly throughout the pasta.
Cover and cook on LOW for 1 hour without lifting the lid. Stir thoroughly, then continue cooking on LOW for another 30-60 minutes until the pasta is tender and the sauce is velvety smooth.
Sprinkle the reserved extra sharp cheddar cheese over the top, cover, and let sit for 5-10 minutes until melted. Stir gently or leave as a topping. Switch to WARM setting for serving.