Prepare the cake batter according to the package directions. Add the strawberry cake mix, water, eggs, vegetable oil, freeze-dried strawberries, and red food coloring. Mix until fully combined.

Pour the batter into the prepared pan and bake for the time listed on the box, about 25 minutes. The cake is done when a toothpick inserted in the center comes out clean or with a few moist pink crumbs.

Set the cake aside and allow it to cool completely.

To make the frosting, beat the butter and cream cheese together in a mixing bowl until smooth.

Add the powdered sugar one cup at a time, then mix in the vanilla extract and food coloring. Continue mixing until the frosting is slightly thick but spreadable.

Crumble the cooled cake into fine crumbs by hand or using an electric mixer. Reserve a few tablespoons of crumbs for decorating, if desired.

Add 2 heaping tablespoons of frosting to the cake crumbs and mix on low speed. Add more frosting as needed until the mixture holds together when rolled.

Line a rimmed baking sheet with parchment paper, leaving extra paper over the edges.

Press the cake mixture into the pan to about 1/2-inch thickness, pressing firmly and evenly.

Use a small heart-shaped cookie cutter to cut out heart shapes, working efficiently to reduce waste.

Transfer the hearts to a parchment-lined baking sheet and place them in the freezer for at least 30 minutes.

Melt the vanilla candy coating in a microwave-safe bowl in 20-second intervals, stirring between each, until smooth.

Dip each heart into the melted coating using a fork or dipping tool. Tap gently against the bowl to remove excess coating.

Place the dipped truffles back on parchment paper and immediately sprinkle with reserved cake crumbs, freeze-dried strawberry powder, or sprinkles.

Repeat until all truffles are coated.

Chill the truffles in the refrigerator or freezer for 15 minutes, or until the coating is set.

Serve at room temperature for the best flavor and texture.