Preheat the oven to 350°F (175°C). Spray a 12-cup bundt pan thoroughly with nonstick cooking spray designed for baking.
In the bowl of a stand mixer fitted with the paddle attachment, or in a large bowl with a hand mixer, add the white cake mix and instant cheesecake pudding mix.
Add the milk, vegetable oil, slightly beaten eggs, 2 teaspoons vanilla, and almond extract to the dry mixes.
Beat on medium speed for about 2 minutes, until the batter is smooth and well combined.
Pour the batter into the prepared bundt pan and smooth the top with a spatula or spoon.
Bake for 40–45 minutes, or until a toothpick inserted into the center comes out clean.
Remove the cake from the oven and let it cool on a wire rack for 45 minutes in the pan, then invert onto a serving plate to cool completely.
While the cake cools, make the cream cheese frosting by beating the softened cream cheese and softened butter in a mixer fitted with the paddle attachment until smooth, about 5 minutes, scraping the bowl as needed.
With the mixer on low, gradually add the sifted powdered sugar until incorporated and smooth, then add 1 teaspoon vanilla and beat on medium for about 5 more minutes until fluffy.
Spread the frosting over the completely cooled bundt cake. If desired, decorate with sprinkles.