Bring 1 cup of salted water in a large stockpot to a rolling boil. Add the squash and cook until tender. Drain and set aside.
In a large nonstick skillet set over medium heat, add the bacon. Fry until crispy, about 8 minutes. Transfer the bacon to a plate that has been lined with a paper towel and pour out any excess bacon grease from the pan.
Add the butter to the pan and melt. Add the onion and cook until tender, about 6 minutes. Add the garlic and cook for an additional 2 minutes, or until fragrant. Add the squash, thyme, and sage. Stir. Stir in the chicken broth and cook for about 5 minutes to allow the flavors to meld. Stir in the heavy cream and cook for an additional 2 minutes to warm up.
Using an immersion blender or a standard blender, carefully blend the mixture until smooth and creamy. If you are using a standard blender, do this in batches, and be very careful as the mixture will be very hot. Cover the blender with a towel and hold down as you blend.
Leaving the skillet set over medium-low heat, stir in the parmesan cheese, crushed red pepper, and paprika. Cook until the cheese has melted.
Add the cooked pasta to the sauce and toss to coat. Season to taste with salt and black pepper.
Serve the pasta topped with fresh arugula, sprinkled with cracked black pepper and chopped bacon. Enjoy immediately!