Preheat oven to 350°F (175°C). Grease and line two 8-inch or 9-inch round cake pans.

In a large bowl, whisk flour, sugar, baking powder, and salt. Add softened butter and oil, beating until it resembles coarse sand.

Whisk milk, almond extract, and vanilla together. Add half to the flour mixture and beat for 1-2 minutes until fluffy.

In a separate clean bowl, whip egg whites until stiff peaks form.

Add the remaining milk mixture to the batter and combine. Gently fold in the whipped egg whites until no streaks remain.

Divide batter evenly into prepared pans. Bake for 30-35 minutes until a toothpick comes out clean. Cool completely on wire racks.

For the frosting: Beat softened butter for 5 minutes until pale. Gradually mix in powdered sugar until combined.

Add cherry juice, almond extract, and salt. Beat on high for 3-4 minutes until fluffy. Gently fold in chopped cherries with a spatula.

Place one cooled cake layer on a plate, spread an even layer of frosting, and top with the second cake layer.

Frost the top and sides of the cake. Garnish with whole maraschino cherries and sanding sugar if desired.