With paginated navigation.
On desktop, scrolling using page-oriented controls (spacebar or page-up / page-down) isn't a terrible online reading experience. The fact that paper-oriented presentation remains so abysmally poor at less than ~4k retina display resolution remains a real friction for reading.
On mobile devices, touch + scroll itself becomes quite bad. High-speed emissive displays at least handle the refresh requirements, but make precise navigation all but impossible.
E-ink, portrait mode, and pagination, aren't quite the paper experience, but are reasonably close.
The variant I mentioned in my earlier comment works reasonably well for destkop reading. I find that scrolling through up to about 20--30 pages worth of printed material without a break is tolerable. Beyond that, the scrolling (and imprecision of placement) becomes tedious.
(I've, um ... accidentally ... created book-length HTML documents and actually read them. It's doable, but it's far from the ideal.)