Preheat oven to 350°F (175°C). Grease and flour two 9-inch round cake pans, then line the bottoms with parchment paper circles for easy release.

Whisk together the flour, baking powder, and salt in a medium bowl until evenly combined. Set aside.

In a large mixing bowl, whisk the sugar and oil together for 30 seconds. Add the eggs one at a time, whisking well after each addition until the mixture is smooth and pale.

Add the buttermilk, vanilla extract, and almond extract if using. Whisk until completely combined and slightly frothy, about 20 seconds.

Add the dry ingredients to the wet ingredients and gently fold with a spatula just until no white streaks remain. Do not overmix. Gently fold in the sprinkles with 3-4 strokes.

Divide the batter evenly between the prepared pans. Bake for 28-32 minutes, until a toothpick inserted in the center comes out with just a few moist crumbs and the tops spring back when lightly pressed.

Cool in pans on wire racks for 15 minutes, then carefully turn out onto racks to cool completely, at least 1 hour before frosting.

For the buttercream, beat the softened butter on medium speed for 2 minutes until creamy. Add the powdered sugar 1 cup at a time, beating on low speed after each addition.

Add the heavy cream and vanilla extract. Beat on low for 30 seconds, then increase to high speed and beat for 3 minutes until light and fluffy. If too thick, add more cream 1 tablespoon at a time.

Place one cake layer on your serving plate. Spread with 3/4 cup frosting, then top with the second layer. Apply a thin crumb coat over the entire cake and refrigerate for 15 minutes. Frost with remaining buttercream, decorate with extra sprinkles, and serve.