Step 1: Preheat your oven to 160°C (320°F). Grease and line an 8-inch round cake pan with parchment paper, ensuring it extends above the rim.
Step 2: In a blender, combine the softened cream cheese, softened butter, milk, and vanilla extract. Blend until smooth and creamy.
Step 3: Add the egg yolks (reserve the egg whites) to the blender mixture, along with half of the granulated sugar, cake flour, and cornstarch. Blend until fully combined and smooth. Transfer to a large bowl.
Step 4: In a separate, very clean bowl, use a hand mixer to whip the egg whites. Gradually add the remaining granulated sugar and whip until stiff, glossy peaks form.
Step 5: Gently fold one-third of the whipped egg whites into the cream cheese mixture. Then, carefully fold in the remaining egg whites in two more additions until just combined, being careful not to deflate the mixture.
Step 6: Pour the batter into the prepared cake pan. Gently tap the pan to release air bubbles. Bake in the preheated oven for 30-35 minutes, or until golden and a toothpick comes out clean.
Step 7: Allow the cake to cool in the pan for 10 minutes before transferring to a wire rack to cool completely. Slice and serve as desired.