Beat the cream cheese on medium speed until fluffy and smooth. Mix in the powdered sugar until fully combined.

In a separate bowl, whisk together the instant vanilla pudding mix and milk until thickened. Fold this mixture into the cream cheese blend along with 2 cups of whipped topping.

Slice the bananas and toss them gently in pineapple juice to prevent browning. Drain the crushed pineapple.

Line the bottom of a 9x13 pan with a single layer of graham crackers.

Spread half of the cream cheese mixture over the graham crackers, followed by a layer of banana slices.

Add another layer of graham crackers on top, then apply the remaining cream cheese mixture. Spread the drained crushed pineapple evenly on top.

Place a final layer of graham crackers on top, followed by the rest of the whipped topping. Sprinkle cherries and nuts if desired.

Cover the cake and refrigerate for at least 4 hours, preferably overnight.