In a medium bowl, using an electric mixer, beat the heavy cream at high speed until firm. Add the yogurt and beat just until combined. Transfer half of the mixture to another bowl and fold in the cherry preserves.
In a small microwave-safe bowl, sprinkle the gelatin over the water and let stand until softened, about 1 minute. Microwave the gelatin at high power for 5 seconds, just until melted. Add the gelatin to the plain whipped cream mixture along with the lemon juice, lemon zest and confectioners' sugar and beat at medium speed just until combined.
Spoon half of the lemon cream into 4 wineglasses and top with half of the cherry cream. Top with the remaining lemon and cherry creams and refrigerate for 20 minutes before serving.