Preheat the oven to 350°F degrees. Line (2) 8” or (2) 9” cake pans with parchment rounds, spray with oil and lightly dust with flour. Set aside.
In a medium bowl, combine cake flour, baking powder, and salt, and whisk to combine. Set aside.
In a stand mixer fitted with a paddle attachment, combine butter, oil, and sugar and beat on medium speed for 5-7 minutes until light and fluffy.
Add eggs one at a time, mixing until each egg is incorporated before adding the next egg. Add the vanilla extract and beat until combined.
With the mixer on medium-low speed, alternate between adding the dry ingredients and adding the milk to wet ingredients. Be careful to not overmix the batter.
Stop the mixer when a few ribbons of flour are still visible and fold in rainbow sprinkles.
Evenly distribute the cake batter into each prepared cake pan and bake for 28-30 minutes. Check cakes by inserting a toothpick in the center. If it comes out clean or with a few crumbs, cakes are done!
*Each oven varies and baking times may differ by 5-10 minutes. Check the cake for doneness after 28 minutes.
Allow cakes to cool in their pans on cooling racks for 10 minutes, then turn the pans upside down to release the cakes and allow to cool completely.
Assembling the Cake
Allow ice cream to sit at room temperature for 10 minutes to soften.
While ice cream is softening, whisk heavy cream and sugar in a medium bowl until stiff peaks form (5-7 minutes).
Using a springform pan, place one of the cake layers into the pan, spread the softened ice cream on top of the cake layer, then add the whipped cream and place the final cake layer on top.
Place the cake back in the freezer for 2-3 hours or overnight to freeze the ice cream.
To serve, use a warm knife to cut through the layers. Add additional whipped cream and garnish with fresh strawberries. Enjoy!