Preheat your oven to 375°F (190°C). Lightly grease a 9x13-inch baking dish with the vegetable oil and set it aside.
Warm the olive oil in a large skillet over medium-high heat. Add the ground beef and cook, breaking it up with a spoon, until browned and no longer pink, about 6 to 8 minutes.
Season the cooked ground beef with the salt, black pepper, garlic powder, onion powder, and paprika. Stir well so the spices coat the meat evenly, then remove the skillet from the heat.
Spread the thinly sliced yellow onion evenly over the bottom of the greased baking dish, creating a light layer.
Arrange half of the thinly sliced russet potatoes over the onions in an even layer, overlapping the slices slightly so they cover the surface.
Spoon half of the seasoned ground beef over the potato layer, spreading it out so it covers the potatoes from edge to edge.
Add the remaining sliced potatoes over the ground beef, again overlapping slightly to form a second even layer.
Top the second potato layer with the remaining seasoned ground beef, spreading it out evenly. Set the baking dish aside while you prepare the cheese sauce.
In a medium saucepan over medium heat, melt the unsalted butter. Sprinkle in the all-purpose flour and whisk constantly for about 1 minute to form a smooth paste.
Slowly pour in the whole milk while whisking, making sure there are no lumps. Continue to cook, whisking often, until the sauce thickens slightly and begins to gently bubble, 3 to 5 minutes.
Stir in the dried thyme and 1 1/2 cups of the shredded cheddar cheese, whisking until the cheese is fully melted and the sauce is smooth.
Pour the warm cheese sauce evenly over the layered beef and potatoes in the baking dish, letting it seep down between the layers as much as possible.
Cover the baking dish tightly with aluminum foil and bake in the preheated oven for 35 minutes.
Carefully remove the foil, sprinkle the remaining 1/2 cup shredded cheddar cheese over the top, and return the casserole to the oven uncovered.
Bake for another 15 to 20 minutes, or until the potatoes are tender when pierced with a fork and the top is golden and bubbling.
Remove the casserole from the oven and let it rest for about 10 minutes so it can set slightly and is easier to slice.
Sprinkle the chopped fresh parsley over the top, if using, then slice and serve the cheesy ground beef and potato casserole warm.