Heat the oil and butter over medium heat in a large pot.
Add the onion, carrot, and a generous pinch of salt and cook until tender, about 5 minutes.
Add the garlic, red pepper flakes, and thyme sprigs and cook for another minute.
Add the wine and cook, scraping up any brown bits on the bottom of the pot, until it is reduced by half.
Add in the broth, season with more salt and pepper, and bring to a simmer.
Once the soup is simmering, add the roasted red peppers and the diced potato. Simmer over medium-low heat, stirring occasionally, until the potato is very tender, about 20-25 minutes.
Carefully blend the soup, in batches, until smooth, thick and creamy.
Return the blended soup to the pot and place it over medium-low heat (alternatively, you can use an immersion blender and blend it up right in the pot).
Stir in the cream and the smoked cheese, stirring constantly until the cheese is melted and everything is combined and creamy.
Season, to taste, with salt and pepper. Serve!
