Prepare the Cake Layers:
Preheat your oven to 350°F (175°C).
Grease three 8-inch round cake pans with cooking spray, line with parchment paper, and lightly spray again.
In a medium bowl, whisk together milk, egg whites, almond extract, and vanilla extract.
In a large mixing bowl, combine flour, sugar, baking powder, and salt. Add the softened butter and mix at low speed until the dry ingredients are incorporated.
Gradually add half the milk mixture and beat at medium speed for 1 ½ minutes. Add the remaining milk mixture and continue beating for another minute, scraping the sides of the bowl as needed.
Divide the batter evenly into the prepared pans and smooth the tops.
Bake for 20–25 minutes, or until golden and a toothpick inserted in the center comes out clean. Let the cakes cool for 3 minutes in the pans before transferring to a wire rack to cool completely.
Make the Cream Cheese Frosting:
Beat cream cheese and butter with a whisk attachment until smooth and fluffy.
Add powdered sugar, vanilla extract, heavy cream, and a pinch of salt. Start on low speed until combined, then increase to medium-high and beat until creamy and smooth.
Assemble the Cake (Piñata Style):
Slice each cooled cake horizontally into 6 even layers. Reserve two whole layers for the top and bottom.
Using a 2.5-inch round cutter, remove the centers of the remaining four layers.
Place one whole layer on a cake platter and spread about 1/8 of the frosting evenly.
Stack the cut-out layers on top, spreading frosting between each layer and smoothing the inner walls.
Fill the hollow center with blue or pink sprinkles. Place the second reserved whole layer on top to seal.
Frost the entire cake with the remaining frosting and decorate with a mix of blue and pink sprinkles.
