Make the cake: Preheat a large T-fal 12″ nonstick skillet over medium heat, until the Thermo-Spot turns solid. Melt butter in preheated skillet and add sugars, cinnamon, and a large pinch of salt, stirring to combine.
Add corn flakes and cook, tossing, until cereal is coated and lightly toasted and cinnamon is fragrant, about 3 minutes. Scrape toasted flakes onto a rimmed baking sheet and spread into a single layer. Let cool.
Spray the bottom and sides of a 9″ cake pan with cooking spray and line with a few pieces of plastic wrap, leaving at least a few inches overhang on all sides.
Dollop strawberry ice cream in the bottom of the prepared pan and smooth the top. Sprinkle evenly with 1 ¼ cups of cereal mixture. Dollop chocolate ice cream over the cereal layer, smooth the top, and sprinkle evenly with another 1 ¼ cups of cereal mixture. Dollop vanilla ice cream over the cereal layer and smooth the top.
Using your hands, break 1 cup of the remaining cereal mixture into finer crumbs and press into vanilla layer to create a crust.
Cover top of cake pan with a piece of plastic wrap and freeze until firm, at least 5 hours and up to overnight. Reserve remaining cereal mixture in an airtight container for topping the cake.
Meanwhile, make the hot fudge sauce: Heat a large nonstick T-fal skillet over medium heat until the Thermo-Spot turns a solid red. Add heavy cream, cocoa powder, light corn syrup, and butter and cook, stirring until butter is melted and everything is combined, about 2 minutes. Remove from heat and stir in chocolate chips, until melted. Stir in vanilla and salt. Serve warm, or chill and reheat before serving.
To serve, using the overhang of the plastic wrap, lift cake out of pan. Flip upside down onto a platter, unwrap, and discard plastic wrap. Let soften slightly to make slicing easier, about 10 minutes.
Top cake with reserved cereal mixture and slice. Dollop each slice with whipped cream, a drizzle of fudge sauce, and top with a cherry.
