Preheat oven to 400 degrees. Prepare a large baking sheet by lining with parchment paper. Set aside. Make the pastry: Unfold puff pastry; place on a lightly floured surface. Using a heart-shaped cookie cutter, cut out hearts. Place on parchment lined baking sheet.
Place a second piece of parchment paper over the hearts and place another baking sheet on top to weigh it down. Place in the oven and bake for about 10-12 minutes or until the hearts are golden brown. Remove from oven and place on a cooling rack until they're completely cool.
Make the filling: In a small bowl, beat the heavy whipping cream until it forms stiff peaks. Set aside. In a medium bowl, beat together cream cheese, cherry preserves & vanilla extract until smooth.
Slowly add the powdered sugar and continue to beat until it is completely incorporated and smooth. Scoop half of the whipped cream into the cream cheese mixture and fold it in gently until just combined. Add remaining whipped cream; fold it in until combined.
Spoon the mixture into a piping bag fitted with a large round tip. Assemble: Place one piece of heart pastry on a pan or plate as the bottom "floor" of the pastry. Pipe filling onto the pastry, then top with another pastry heart & pipe another layer of filling. Top with a final pastry heart.
Make glaze: Whisk together powdered sugar with heavy cream. Put the glaze into a zip top bag for easy piping. Glaze tops: Snip the tip of the bag and carefully glaze the top layer by outlining the heart and filling it in to "flood" it. Top with colored sprinkles while the icing is still wet.