Pat chicken dry. In a small bowl, mix paprika, garlic powder, onion powder, salt, and pepper. Season chicken on both sides. Lightly dredge in flour, shaking off excess.
Heat oil in a large skillet over medium heat. Add chicken and sear for 4–5 minutes per side until golden brown. Remove and set aside.
In the same skillet, reduce heat to medium-low. Add sliced onions and cook until soft and golden, about 10 minutes. Stir in garlic and cook another minute.
Sprinkle flour over the onions and stir to coat. Slowly whisk in chicken broth, scraping up any browned bits from the bottom. Add thyme and bring to a simmer.
Return chicken to the skillet, spooning gravy over the top. Cover and simmer on low for 25–30 minutes, or until the chicken is fully cooked and tender. Stir in cream, if using, during the last 5 minutes.
Serve hot over mashed potatoes, rice, or biscuits. Garnish with parsley if desired.