Preheat the oven to 350°F (180°C). Grease and lightly flour a 9x13 inch baking dish or or two 9-inch round cake pans.
In large bowl, beat cake ingredients with electric mixer on low speed 30 seconds, then on medium speed 2 minutes, scraping bowl occasionally. Pour into pan.
Bake until a toothpick inserted into the center comes out clean.
Remove the cake from the oven and allow it to cool for about 10 minutes.
While still warm, use the handle of a wooden spoon or a straw to poke holes evenly across the cake, spacing them about 1 inch apart.
In a medium bowl, whisk together the instant cheesecake pudding mix and cold milk for about 2 minutes, until thickened but still pourable.
Slowly pour the pudding mixture over the warm cake, making sure it fills the holes. Use a spatula to gently spread it evenly across the surface.
Cover and refrigerate the cake for at least 1 hour to allow the pudding to fully set.
Once chilled, spread the Cool Whip evenly over the top of the cake. Finish with Valentine’s sprinkles just before serving.
Slice and serve chilled.