How to Make It
Preheat oven to 300°F. Beat heavy cream with an electric mixer on medium speed until stiff peaks form; set aside.
Combine cream cheese and butter in the bowl of a stand mixer, and beat with whisk attachment on medium-high speed until light and fluffy. Gradually add powdered sugar, and beat until smooth and fluffy. Add vanilla and salt, and beat to combine. Add 1 drop of food coloring, if desired, for pink filling. Fold whipped cream and strawberries into cream cheese mixture. Chill filling 30 minutes.
Preheat waffle iron. Combine waffle mix, milk, oil, eggs, and banana in a large bowl, and stir until just blended (mixture will be lumpy). Pour 3/4 cup waffle mix into preheated waffle iron coated with cooking spray. Cook 1 waffle at a time, until lightly browned, 3 to 4 minutes. Place cooked waffle on a wire rack set on a baking sheet. Repeat process 3 times for a total of 4 waffles. Bake waffles in preheated oven until crisp and golden, about 8 minutes, flipping half way through. Let cool completely on wire rack.
Place 1 waffle on a serving platter; spread 2/3 cup of cream cheese filling on top of waffle. Repeat with remaining waffles and cream cheese mixture, and top stack with forth waffle. Drizzle cake with caramel and chocolate; sprinkle with nuts. Garnish with whipped cream, sprinkles, and cherries.