Preheat the oven to 350°F / 175°C. Grease then line four 7-inch or three 8-inch cake pans with nonstick spray and parchment paper rounds. Set aside. You can also use this recipe to make 4, 6-inch cake layers but the bake time will be a few minutes longer. If you don't have enough cake pans, the batter can sit at room temperature for a few hours. Bake as many layers as you can at a time. Mix 3 cups all-purpose flour, 3 cups sugar, 2 1/2 tsp baking powder, and 1 tsp salt together in a stand mixer with a paddle attachment or hand mixer until fully combined.
Mix in 1 cup of room temperature, unsalted butter slowly into the dry ingredients on a low speed. Continue to mix until no large chunks of butter remain, and the mixture looks like moist sand.
Pour in 1 cup of egg whites and mix on low until just incorporated. Mix in 1 1/2 cups of buttermilk in two installments on a low speed.
Add in 2 Tbsp of vegetable oil, 2 tsp of vanilla extract, and 1 1/2 tsp almond extract and mix at a low speed until fully incorporated. If you want to color these cake layers, add the gel food coloring during this step.
Scrape down the sides of the bowl with a rubber spatula, then beat on a medium speed for about a minute to make sure everything is properly mixed together. This also helps lighten the texture of the cake layers a bit.
Fold 2/3 cup of sprinkles into the cake batter using a rubber spatula and mix until they're evenly distributed.
Divide the batter evenly between the prepared cake pans. I like to use a scale to weigh each pan and make sure they have the same amount of batter. This ensures that the layers bake evenly and end up being the same height.
Bake for 34-36 minutes or until a toothpick comes out with a few moist crumbs. Let the pans cool for 10 minutes, then run an offset spatula around the perimeter of the pan to separate the cake from the pan.
Place the cake pans into the freezer for 45 minutes to accelerate the cooling process. Once the layers are fully cooled, carefully flip the pans, and remove the layers from the pans.
These layers bake up pretty flat, so leveling them is optional! If you want to level them, use a serrated knife to level the top of each cake layer. I also like to trim the sides of the cake layers to remove any sprinkles that have caramelized and make them easier to frost. If you make these in advance, wrap and freeze them at this point.