Prepare the Cheesecake Layer: In a mixing bowl, beat together the softened cream cheese, powdered sugar, and vanilla extract until smooth. Gently fold in the whipping cream until the mixture is fluffy and well combined. Set aside.

Make the Pudding Layer: In another bowl, mix the instant vanilla pudding with the cold milk. Stir until thickened, which usually takes about 2 minutes.

Assemble the Layers: In a serving dish or individual cups, layer the bottom with vanilla wafers. Add sliced bananas and some strawberries over the wafers. Then, spoon a layer of the cheesecake mixture, followed by a layer of the pudding mixture. Repeat these layers until you reach the top of the dish.

Decorate and Chill: Garnish the top with fresh strawberries and crushed wafer cookies if desired. Cover with plastic wrap and refrigerate for at least 3 hours, or overnight for best results.