Preheat oven to 350°F (175°C). Grease and line two 8-inch round cake pans with parchment paper.

In a large bowl, beat butter and sugar together until light and fluffy, about 2–3 minutes.

Add eggs one at a time, mixing well after each addition.

Slowly mix in oil, milk, and vanilla until smooth.

In a separate bowl, whisk together cake flour, baking powder, and salt.

Gradually fold dry ingredients into wet ingredients until just combined.

Gently fold in floured sprinkles.

Divide batter evenly between prepared pans.

Bake for 20–22 minutes, or until a toothpick inserted comes out clean.

Cool in pans for 10 minutes, then transfer to a wire rack to cool completely before frosting.

Add the softened butter to a large mixing bowl. Using a stand mixer or hand mixer, whip on medium-high speed for 3–4 minutes, until very pale, fluffy, and smooth.

Reduce speed to low and gradually add 2¾ cups powdered sugar, about ½ cup at a time, mixing well between additions.

Add the vanilla bean paste and salt. Increase speed to medium and beat until fully incorporated.

With the mixer running on low, drizzle in the heavy cream, one tablespoon at a time, until the frosting reaches your desired light, spreadable consistency.

Gently fold in the sprinkles by hand using a spatula until evenly distributed.