Bring a large pot of salted water to a boil and cook the mushroom ravioli according to package instructions, about 3-5 minutes. Reserve 1/2 cup pasta water and drain.
Heat olive oil and butter in a large skillet over medium heat until melted and bubbly.
Add minced garlic and chopped shallot and sauté for 2-3 minutes until fragrant and softened.
Add sliced mushrooms and cook for 5-7 minutes, stirring occasionally, until golden brown and moisture evaporates.
Stir in the chopped spinach and cook for 2-3 minutes until wilted, seasoning with salt and pepper.
Lower the heat to medium-low and add the heavy cream, simmer for 2-3 minutes, stirring gently.
If sauce is too thick, add reserved pasta water to reach desired consistency. Season with salt, pepper, and optional red pepper flakes.
Gently toss the cooked ravioli with the sauce in the skillet to coat evenly.
Remove from heat and garnish with grated Parmesan and chopped fresh herbs.
Serve immediately while hot for best flavor and texture.