Line a loaf pan with parchment paper and place it in the freezer while preparing the ice cream.
Beat the softened cream cheese until smooth. Slowly mix in the sweetened condensed milk until silky. Stir in the vanilla and sea salt.
In a separate chilled bowl, whip the heavy cream until stiff peaks form.
Fold one-third of the whipped cream into the cream cheese mixture. Gently fold in the remaining whipped cream until fully combined.
Spread one layer (about 1/3 of the mixture) of ice cream into the prepared loaf pan.
Sprinkle with mini Nilla Wafers and drizzle with the slightly warmed cherry jam. Repeat the layer 2 more times.
End the last layer with cherry jam (gently swirl with a butter knife or skewer) and crushed Nilla wafers.
Cover tightly and freeze for at least 6–8 hours or overnight.
Let sit at room temperature for 5–10 minutes before scooping and serving.