Bring a medium pot of well-salted water to a boil.

Cook the linguine until just al dente. Reserve 1 cup of pasta water, then drain the pasta.

While the pasta cooks, heat a skillet over medium heat. Melt 1 tbsp of the butter with the olive oil.

Add shrimp in a single layer (cook in batches if needed). Cook about 1 minute, then season with salt, pepper, and Old Bay (if using).

Add a splash of reserved pasta water and the white wine to the skillet and let the shrimp soak up the juices, 1–2 minutes, until shrimp are just pink and opaque. Transfer shrimp to a plate.

Reduce heat to medium-low. Add remaining butter to the same skillet, then add garlic and cook until fragrant, about 30 seconds.

Let the wine and pasta-water mixture reduce for 1–2 minutes, scraping up any browned bits from the pan.

Stir in light cream cheese until smooth, then stir in parmesan until melted. Simmer gently until the sauce thickens, adding a splash of reserved pasta water as needed to loosen into a silky sauce.

Add drained pasta and toss until well coated, adding more pasta water as needed for a glossy sauce.

Return shrimp to the pan just to warm through, about 30–60 seconds.

Off heat, stir in parsley. Taste and adjust salt and pepper, then serve right away.