Coat a 6-quart slow cooker thoroughly with nonstick spray. A well-greased insert helps the cheese sauce release cleanly from the sides.
Rinse the dry elbow pasta under cold running water, then drain it well. The rinse removes loose surface starch while leaving the pasta ready to absorb the dairy.
Add the drained pasta, whole milk, evaporated milk, cheddar, American cheese, salt, pepper, dry mustard, garlic powder, and cayenne to the cooker, then stir well. Press the elbows down so they are mostly covered by liquid and cheese.
Scatter the cubed butter over the macaroni mixture. As it melts, it gives the sauce a richer sheen and helps the surface stay supple.
Cover and cook on low for 1 hour, then uncover briefly and stir. At this point, check whether the perimeter is gently bubbling and whether a noodle has begun to soften while still resisting slightly in the center.
Continue cooking on low if needed, checking and stirring about every 30 minutes. At the 90-minute check, the macaroni should be noticeably plumper and the sauce should begin clinging to the spoon.
Stop cooking when the pasta is tender with a gentle bite and the sauce is thick and creamy. The surface should look glossy rather than oily, and the sauce will tighten further as it stands with the lid off.