In a medium saucepan, combine the whole milk and heavy cream over medium heat. Stir occasionally until the mixture begins to steam, but do not let it boil.
Reduce the heat to low and whisk in the semi-sweet chocolate chips and cocoa powder until fully melted and smooth.
Stir in the salted caramel sauce and vanilla extract, mixing until well combined and glossy. Allow it to warm through for about 2-3 minutes.
Taste the hot chocolate and adjust sweetness by adding more caramel sauce if desired.
Remove from the heat and pour the hot chocolate into mugs.
Top each mug with a generous dollop of whipped cream, then drizzle a little extra salted caramel sauce on top.
Finish with a sprinkle of flaky sea salt and chocolate shavings for an elegant touch.
Notes
Adjust sweetness with additional caramel sauce if desired.