In a 12-inch cast-iron skillet, melt butter with olive oil over medium-low heat.
Add onions and garlic; cook, stirring occasionally, until softened and lightly browned, about 25 minutes. Stir in flour; cook, stirring occasionally, for 5 minutes. Stir in broth, thyme, salt, and pepper; add in the meatballs and bring to a boil. Reduce heat; simmer until slightly thickened, about 20 minutes.
Preheat oven to broil. Sprinkle cheese onto meatballs.
Broil 6 inches from heat until cheese is melted and lightly browned, 3 to 5 minutes. Garnish with thyme, if desired. Serve immediately.
*For a different flavor, substitute with Rosina Homestyle Meatballs
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