In a mixing bowl, combine the softened cream cheese and shredded cheddar until smooth and creamy, using a spatula or spoon. The mixture should be uniform with no lumps.
Stir in the chopped fresh herbs and a pinch of salt, folding gently until the herbs are evenly distributed and the mixture is fragrant.
Use your hands or a spatula to shape the mixture into a tight, round ball, pressing firmly to ensure it holds together well.
Wrap the cheese ball tightly in plastic wrap and refrigerate for at least 2 hours, or overnight, to firm up and develop flavor.
While it chills, toast the chopped nuts lightly in a dry skillet until fragrant and golden, then set aside to cool.
Unwrap the chilled cheese ball and place it on a clean plate. Pour the crushed crackers and toasted nuts onto a shallow dish, mixing in smoked paprika if using.
Gently roll the cheese ball in the coating mixture, pressing lightly so the nuts and crackers adhere evenly all over the surface.
Once coated, press the coating gently into the surface to ensure it sticks well, then chill again for about 30 minutes to set.
Transfer the finished cheese ball to a serving platter, garnishing with extra herbs or nuts if desired, then serve with crackers or veggie sticks.
Before slicing, allow the cheese ball to sit at room temperature for about 10 minutes to soften slightly for a smooth cut and enhanced flavor.