In a large mixing bowl, beat the softened cream cheese and butter together until the mixture is completely smooth and free of lumps.

Gradually add the powdered sugar one cup at a time, mixing on low speed until combined. Once the sugar is incorporated, turn the speed up to medium and beat for another minute to ensure fluffiness.

Stir in the vanilla extract and the cake mix. If you want that iconic romantic pink hue, add one or two drops of pink food coloring now.

Gently fold in your whipped topping or whipped heavy cream. You want to use a spatula here to keep the air in the mixture, resulting in a cloud-like consistency.

Fold in half of your sprinkles. Transfer the dip to a serving bowl and top with the remaining sprinkles.