Pat the shrimp dry with paper towels and place in a large bowl. Drizzle with olive oil, then add shallots, garlic, thyme, Creole seasoning, and smoked paprika. Toss well to coat, then let marinate at room temperature while you make the grits.

In a medium saucepan, bring the water, milk, and salt to a boil over high heat, watching carefully to prevent boil-over. Gradually whisk in the grits, then reduce heat to medium-low. Cook uncovered for about 10 minutes, stirring occasionally, until thickened and creamy. Remove from heat, stir in the shredded cheddar cheese, 1 tablespoon butter, and black pepper until smooth. Fold in the fresh corn, then cover and set aside to keep warm.

In a large skillet over medium-high heat, melt the remaining 2 tablespoons butter. Add the marinated shrimp along with any oil and seasonings from the bowl, spreading them into a single layer. Cook undisturbed for 3 minutes, then add the cherry tomatoes and toss everything together. Continue cooking for 2 minutes until the tomatoes soften and start to release their juices. Pour in the white wine and cook for 1 minute more, scraping up any browned bits.

Divide the grits evenly among four bowls. Spoon the shrimp, tomatoes, and pan sauce over the top. Garnish with sliced green onions and serve immediately.