Prepare the Pans: Preheat your oven to 350°F (177°C). Grease two 9-inch cake pans, line them with parchment rounds, then grease the parchment as well to ensure easy release.
Mix Dry Ingredients: In a large bowl, whisk together the cake flour, baking soda, cocoa powder, and salt. Set this mixture aside.
Cream Butter and Sugar: Using a handheld or stand mixer fitted with a paddle attachment, cream the butter and sugar together on medium-high speed until well combined, about 1 minute. Scrape down the bowl as needed.
Combine Wet Ingredients: Add oil, egg yolks, vanilla extract, and vinegar to the butter mixture and beat on high for 2 minutes, scraping the bowl as necessary. Set the egg whites aside separately.
Incorporate Dry Ingredients and Buttermilk: With the mixer on low speed, add the dry ingredients to the butter mixture in 2-3 parts, alternating with the buttermilk, until just combined. Add your desired amount of red food coloring.
Whip Egg Whites: Beat the egg whites on high speed until soft peaks form, about 3 minutes. Gently fold these whipped whites into the batter, resulting in a silky and slightly thick consistency.
Bake: Evenly divide the batter between the prepared cake pans. Bake for 30-32 minutes or until a toothpick inserted in the center comes out clean. Let cakes cool completely in the pans on a wire rack before frosting.
Prepare the Frosting: Beat the cream cheese and butter together on medium-high speed for 2 minutes, until smooth. Add confectioners' sugar, vanilla extract, and a pinch of salt, then beat on low speed for 30 seconds. Increase to high speed for 3 minutes until fully creamy. Adjust with more sugar if needed for a thicker consistency or an extra pinch of salt if desired.
Assemble and Frost: Slice a thin layer off the tops of the cakes to create flat surfaces. Place one layer on a serving plate, spread an even layer of frosting, then top with the second layer. Frost the top and sides as desired, using an icing spatula and bench scraper for a smooth finish.
Chill and Serve: Refrigerate the cake for at least 30-60 minutes before slicing to help it retain its shape. Store leftovers tightly covered in the refrigerator for up to 5 days.