Bring a large pot of salted water to a boil. Cook the pasta according to package instructions until al dente. Reserve 1 cup of pasta water before draining.

Heat 2 tablespoons of olive oil in a large skillet over medium heat. Add the diced pancetta and cook until golden and crispy, about 5–7 minutes. Remove with a slotted spoon and set aside.

In the same skillet, add the chopped shallots. Sauté for 2–3 minutes until softened and fragrant.

Stir in the 1 pound of frozen peas and cook for 3–4 minutes until heated through. Season with salt, pepper, and red pepper flakes if desired.

Lower the heat to medium-low and stir in 1 cup of heavy cream. Let the cream sauce bubble and thicken a bit (2-3 minutes). Add the freshly grated Parmigiano Reggiano, stirring until melted and smooth.

Add the cooked pasta to the skillet with the creamy sauce and toss to coat evenly. Stir in the crispy pancetta and cook for 1–2 minutes to let the flavors meld. If the sauce is too thick, add a splash of reserved pasta water to achieve the desired consistency.

Transfer the pasta to a serving dish. Sprinkle with additional Parmigiano Reggiano and freshly ground black pepper. Serve immediately.