Bring a large pot of salted water to a boil and cook the pasta until just al dente. Reserve 1 to 2 cups of the pasta water before draining.
Pat the shrimp dry and season them with salt, pepper, and paprika.
Heat the olive oil and butter in a large skillet over medium heat. Add the onion and cook for 2 to 3 minutes, until softened.
Stir in the garlic and red pepper flakes, then cook for about 30 seconds until fragrant.
Add the shrimp to the skillet and cook for 1 to 2 minutes per side, just until they start turning pink.
Pour in the lemon juice, white wine, and hot sauce. Let the sauce simmer for a couple of minutes so the flavors blend and the liquid reduces slightly.
Add the drained pasta to the skillet and toss well. If the sauce seems too thick, add a splash of reserved pasta water until it coats the noodles nicely.
Remove from the heat, then stir in the Parmesan, parsley, and basil. Serve immediately while the shrimp are tender and the sauce is silky.