Bring a large pot of salted water to a rolling boil. Add dried spaghetti and cook according to package instructions until al dente, usually about 8-10 minutes. Reserve ½ cup of pasta water, then drain and set aside.

In a mixing bowl, combine shrimp with Old Bay seasoning and lemon juice. Toss to coat evenly and let sit for 10 minutes.

In a large skillet, heat 1 tablespoon of butter and 1 tablespoon of olive oil over medium heat. Add half of the minced garlic and sauté until fragrant. Add the seasoned shrimp and cook for 2-3 minutes until pink and opaque. Remove and set aside.

In the same skillet, melt 2 tablespoons of butter over medium heat. Add chopped shallots, cooking for about 2-3 minutes until translucent. Stir in remaining minced garlic and sauté until fragrant.

Pour in ½ cup of dry white wine and scrape up any bits stuck to the pan. Bring to a simmer and let reduce by half for 3-4 minutes.

Reduce heat to low, stir in heavy cream and Parmesan cheese, and remaining Old Bay seasoning. Mix until cheese melts and sauce thickens slightly, about 2-3 minutes.

Return sautéed shrimp and fresh parsley to the skillet, folding them into the sauce and heat through for 1-2 minutes.

Add cooked spaghetti to the skillet, tossing gently to combine. If the sauce is too thick, add reserved pasta water until desired consistency is reached. Season to taste with salt and black pepper.

Transfer to serving plates, garnish with extra Parmesan cheese and sprinkle with fresh parsley. Serve immediately.