01 - Preheat oven to 350°F. Grease a quarter sheet pan (9x13 inches) and line with parchment paper.
02 - Whisk together cake flour, baking powder, baking soda, and salt in a bowl.
03 - In a stand mixer, beat butter, shortening, and sugars on medium-high speed until light and fluffy, 2 to 3 minutes. Scrape down the bowl.
04 - Add eggs one at a time, beating well after each addition.
05 - Reduce mixer speed and add buttermilk, milk, and vanilla extract. Mix until combined.
06 - On low speed, add dry ingredients and mix just until incorporated. Fold in sprinkles.
07 - Pour batter into prepared pan and smooth top. Bake for 28 to 32 minutes until a toothpick inserted comes out clean. Cool completely in pan.
08 - Lower oven to 300°F. In a bowl, combine flour, sugars, baking powder, salt, and sprinkles. Add melted butter and vanilla. Mix with a fork until clusters form.
09 - Spread crumb mixture on a lined baking sheet. Bake for 15 minutes, stirring halfway through. Cool completely.
10 - In a stand mixer, beat butter, shortening, and cream cheese until smooth. Add vanilla and salt. Gradually beat in powdered sugar until fluffy. Add milk as needed for spreadable consistency.
11 - Mix milk and vanilla extract in a small bowl.
12 - Using a 6-inch cake ring, cut two full circles and two half circles from the cooled cake.
13 - Place a cake round inside a lined 6-inch cake ring set on a cake board. Brush with vanilla milk soak.
14 - Spread 1/5 of frosting over the cake. Sprinkle 1/3 of the crumbs.
15 - Continue layering with half-circles to fill in, vanilla milk soak, frosting, and crumbs. Top with final cake round, soak, and finish with frosting and remaining crumbs and sprinkles.
16 - Chill cake in the ring for at least 1 hour or overnight. Remove ring, transfer to a platter, and serve at room temperature.