01 - Preheat oven to 350°F. Grease and line a quarter sheet pan (9x13 inches) with parchment paper.
02 - Whisk cake flour, baking powder, baking soda, and salt in a bowl. Beat butter, shortening, and sugars on medium-high until fluffy, 2-3 minutes. Add eggs one at a time. Reduce speed; add buttermilk, milk, and vanilla. Mix in dry ingredients until just combined. Fold in sprinkles.
03 - Pour batter into prepared pan; smooth top. Bake 28-32 minutes until toothpick comes out clean. Cool completely in pan.
04 - Lower oven to 300°F. Combine flour, sugars, baking powder, salt, and sprinkles. Add melted butter and vanilla; mix with fork until clusters form. Spread on lined baking sheet and bake 15 minutes, stirring halfway. Cool completely.
05 - Beat butter, shortening, and cream cheese until smooth. Add vanilla and salt. Gradually beat in powdered sugar until fluffy. Add milk as needed for spreadable consistency.
06 - Mix milk and vanilla in small bowl. Using 6-inch cake ring, cut two full circles and two half circles from cooled cake.
07 - Place cake round in lined 6-inch ring on cake board. Brush with vanilla milk. Spread 1/5 frosting, sprinkle 1/3 crumbs. Repeat: half-circles, milk soak, frosting, crumbs. Top with final round, soak, finish with frosting and remaining crumbs.
08 - Chill in ring at least 1 hour (up to overnight). Remove ring, transfer to platter, serve at room temperature.