Prep the pans: Heat oven to 350°F (175°C).
Grease and line two 8-inch round cake pans with parchment rounds. Lightly flour the sides and tap out excess.
Mix dry ingredients: In a medium bowl, whisk flour, baking powder, and salt. Set aside.
Cream butter, oil, and sugar: In a large bowl, beat butter, oil, and sugar on medium-high until pale and fluffy, 2–3 minutes.
Scrape the bowl.
Add eggs: Beat in eggs one at a time, mixing well after each until glossy and combined, about 30 seconds each. Stir in vanilla and almond extract.
Add sour cream: Mix in the sour cream until smooth. The batter may look slightly thick—this is good.
Add dry and milk: On low speed, add half the dry ingredients, then the milk, then the remaining dry ingredients.
Mix just until combined; don’t overbeat.
Fold in sprinkles: Gently fold in the jimmies with a spatula until evenly dispersed. Work quickly to reduce color bleed.
Fill and bake: Divide batter evenly between pans and smooth tops. Bake 24–28 minutes, until the centers spring back and a toothpick comes out clean or with a few moist crumbs.
Cool completely: Let cakes cool 10 minutes in pans, then turn out onto racks.
Peel parchment and cool fully before frosting.
Make the buttercream: Beat butter on medium-high until creamy, 1 minute. Add half the powdered sugar, vanilla, and a pinch of salt; beat on low to combine, then on high for 1 minute. Add remaining sugar and 3 tablespoons cream.
Beat 2–3 minutes until fluffy, adding more cream 1 teaspoon at a time to reach a smooth, spreadable consistency.
Assemble: Level cake layers if needed. Place one layer on a stand, spread a generous layer of buttercream, top with the second layer, and frost the top and sides. Press extra sprinkles along the base or scatter on top.
Set and serve: Chill the frosted cake 15–20 minutes to set clean slices.
Serve at room temperature for the best texture.