Place first banana cake layer on an 8-inch cake board. Using an offset spatula, spread a thin, even layer of vanilla buttercream frosting over the cake. Use a piping bag to pipe a thick ring of vanilla buttercream around the edges of the cake.
Add strawberry filling inside the buttercream border. Spread the filling evenly with an offset spatula.
Add the second cake layer on top of the strawberry filling. Repeat the above process, adding a thin layer of frosting, a buttercream border, and the strawberry filling. Add the final cake layer, bottom side up.
Spread a thin layer of buttercream frosting (crumb coat) over the top and sides of the cake using an offset spatula. Use a cake scraper to smooth out the frosting and remove excess buttercream.
Chill the cake for 30 minutes to firm up the buttercream frosting.
Frost the top and sides of the cake with the vanilla buttercream using an offset spatula. Use a cake scraper to smooth out frosting on the top and sides of the cake. If desired, add a rainbow sprinkle skirt on the bottom of the cake.
Chill the cake for an additional 15 minutes to firm up the buttercream.
Use a squeeze bottle to create a chocolate ganache drip down the sides of the cake. Immediately add some rainbow sprinkles onto the chocolate ganache drips.
Pipe swirls of vanilla buttercream frosting around the top edges of the cake using a Wilton 1M piping tip. Add additional rainbow sprinkles and maraschino cherries onto the buttercream swirls.