In a large bowl, beat cream cheese until creamy and smooth.
Using a electric whisk, add condensed milk and vanilla, whisking until smooth
Add in vanilla extract and heavy cream. Whisk on high speed until soft peaks form.
Spread half of this mixture into a loaf pan.
Spoon cherry filling over the whipped mixture.
Top with remaining cream mixture, spreading evenly.
Using a knife, drag or swirl the cherry mixture into the cream mixture.
Cover with foil and freeze for 6 hours or until firm.