Bring a large pot of lightly salted water to a rolling boil; cook the macaroni in the boiling water until cooked through yet firm to the bite, about 8 minutes. Drain.
Melt the butter in a large pot over medium heat; cook the hot dog slices in the butter until browned, 3 to 5 minutes. Add the tomato sauce, milk, and cheese food to the pot; cook and stir until the cheese food is melted completely, 10 to 12 minutes. Fold the macaroni into the cheese mixture; continue cooking until thoroughly hot, about 5 minutes. Serve hot.
