Cut the completely cooled angel food cake into approximately 1-inch cubes. Alternatively, gently tear the cake into bite-sized pieces. Set aside.
In a medium mixing bowl, whisk the instant vanilla pudding mix and cold milk together for approximately 2 minutes, or until the mixture begins to thicken.
In a separate mixing bowl, beat the softened cream cheese until completely smooth.
Gradually add the pudding mixture to the cream cheese, mixing between each addition. Continue mixing until smooth and evenly combined.
Arrange a layer of angel food cake pieces across the bottom of a 9×9-inch pan.
Spoon some of the cherry pie filling over the cake, followed by some of the creamy pudding mixture. Repeat the layers until the cake and pudding mixture have been used. Reserve approximately one-quarter of the cherry pie filling for the topping.
Spread the thawed Cool Whip or whipped cream evenly over the final pudding layer.
Spoon the reserved cherry pie filling over the whipped topping. Gently spread or swirl the cherries across the surface.
Cover the pan and refrigerate for at least 4 hours or overnight.
Serve cold and keep leftovers refrigerated.