Prepare a small bread loaf pan by lining the inside with parchment paper. Set aside.
Place 2 tablespoons beef broth into a food processor. Sprinkle in the gelatin and pulse to combine well.
Place 3/4 cup beef broth into a pot and heat until boiling. Pour the broth into the food processor and pulse to combine. Add the milk powder and process again until you have milk.
Add the shredded cheddar and creatine if using to the food processor and pulse until you have a paste.
In a large pot, place the salted butter and heat over high heat. Whisk often so the butter doesn't burn on the outside of the pan. The butter will start to bubble and froth up. Whisk often at this point. The butter will start to darken and turn brown. Remove from heat and keep whisking.
Add the brown butter to the food processor and puree the mixture until the cheese mixture is glossy and resembles Velveeta.
Place the mixture into the prepared bread pan and place in the fridge to set.
Slice into pieces or use in recipes in place of Velveeta.