Melt butter and oil together in a medium pot or high sided pan over medium heat. Add sliced onions, pinch of sugar and salt to the pan and stir.
Cover and cook for 5 minutes, then remove the lid and turn to medium low heat. Cook the onions for 20-25 minutes, stirring every 3-4 minutes so the onions don’t burn. They will be a nice golden colour when they’re fully caramelized.
Stir in the balsamic vinegar and water, cook until most of the liquid has evaporated.
Add the beef broth, fresh thyme sprigs, noodles and pepper stir to combine. Increase the heat to medium-high and bring to a boil, stirring occasionally so the noodles don’t stick to the bottom of the pan.
Put the lid on the pot/pan most of the way and keep at a gentle simmer over medium / medium-low heat until pasta is just tender and most of the liquid is absorbed / turned into a creamier sauce. Stir occasionally.
Remove from the heat and stir in the cheese until combined. Serve topped with fresh thyme, more shredded cheese and pepper!
Notes
This pasta works best with a quick-cooking noodle like elbow (macaroni) noodles but you could try another pasta shape with a similar cooking time like a small shell, penne or ziti.
If you want to use a different cheese, shredded parmesan or mozzarella could also work.
Don't have beef broth? Substitute with vegetable or chicken broth but stir in 1 tbsp soy sauce or tamari too which will help boost the flavour and make it similar to beef broth.