Using a hand mixer, beat the softened cream cheese on medium-high speed for about 30 seconds until smooth and creamy.
In a small bowl, whisk together the heavy cream, milk, and white chocolate pudding mix until fully blended.
Set the mixer to low speed, and gradually add the pudding mixture to the cream cheese. Mix until just combined (about 15 seconds). Then, increase the speed to medium and beat for an additional 30 seconds until smooth.
Add the vanilla extract and whipped topping to the mixture, beating for another 30 seconds until fully combined and fluffy.
Transfer the dip to a serving bowl and garnish with sprinkles and red candy hearts for a festive touch.
Serve with dippables like strawberries, apple slices, cookies, graham crackers, or pretzels.