There's plenty of precedent for using processed ingredients in haute cuisine. Jean-Georges used Hellman's mayo and canned condensed milk (and little else), to make a sauce for shrimp in one of his restaurants. David Bouley admitted to using Heinz ketchup.
I got Wondra from Jacques Pepin. He uses it primarily for dredging. I use it for quick thickening sometimes. It's a great tool to have in your toolbox, but sometimes it's also the right ingredient. Wondra allows you to make a nice thin crust on a piece of meat. It protects the meat, doesn't burn easily, and doesn't clump.
I used Velveeta in my latest recipe because that's what I used when I originally made the dish. The recipe came from a caterer I know, who will remain nameless. When she originally instructed me on the dish, she said, "I hope you don't mind using Velveeta." I didn't.
This sauce isn't very cheesy. The Velveeta just sits in the background and, with the thickening of Wondra, props up the sauce. The principle attraction of Velveeta is that it can be incorporated at any time and it's stable for a long time, which is great for catering. But if it's great for catering, it's also good for a dinner party where you want to actually spend time with your guests and not fuss over the food, but still make something good. That's what my coworker asked for, and I hope I delivered.
What I'd really like to do is make this dish in to a type of cheater's risotto. Parboil the vialone nano rice, and incorporate it into half the sauce, while the thighs finish in the oven with the other half. Maybe throw in a few saffron threads, too, to make it more like risotto alla milanesa. In that case, the Velveeta would nerf the making of the dish in another way. Often, making risotto, you have to hit that perfect spot where the rice is soft and the sauce is creamy. With this, the sauce is already creamy. You just cook it until the rice is just right.
Actually, this is what I'm having for dinner tonight. I'm off to make it.
p.s., if you ask my friend the caterer for the recipe for her chicken dish, you get something that calls for fresh-grated sharp cheddar cheese.