Preheat oven to 325°F (170°C). Spray 3 (8-inch) round cake pans with baking spray with flour. Line bottom of pans with parchment paper.
In the bowl of a stand mixer fitted with the paddle attachment, beat butter,
2 1⁄2 cups (500 grams) sugar, and oil at medium speed until fluffy, 3 to 4 minutes, stopping to scrape sides of bowl. Add egg whites, one at a time, beating well after each addition. Beat in vanilla extract.
In a medium bowl, whisk together flour, baking powder, and salt. In a small bowl, whisk together milk and sour cream. With mixer on low speed, gradually add flour mixture to butter mixture alternately with milk mixture, beginning and ending with flour mixture, beating just until combined after each addition. Divide batter among prepared pans (about 2 3⁄4 cups or 620 grams each), spreading smooth with a small offset spatula. Firmly tap pans on a kitchen towel-lined counter 3 to 4 times to settle batter and release any air bubbles.
Bake until golden brown and a wooden pick inserted in center comes out clean, 35 to 40 minutes. Let cool in pans for 10 minutes. Remove from pans, and let cool completely on wire racks.
In another small bowl, whisk together 1⁄4 cup (60 grams) hot water and remaining 1⁄4 cup (50 grams) sugar until sugar dissolves.
Level cooled cake layers, if desired. Brush simple syrup onto cake layers. Place 1 cooled layer on a serving plate.
Spoon 1 1⁄2 cups (280 grams) Vanilla Swiss Meringue Buttercream into a pastry bag fitted with a large basket weave piping tip (Ateco #790).
Spoon half of Cherry Compote (about 1 1⁄2 cups or 385 grams) onto center of cake layer, and gently spread to within 1⁄2 inch from edges of layer. Place second cake layer on compote, and repeat procedure with remaining compote. Top with remaining cake layer, bottom side up. Spread a thin layer of buttercream on top and sides of cake to create a crumb coat. Freeze cake for 15 minutes.
Spread remaining buttercream on top and sides of cake. Decorate with buttercream in pastry bag as desired. Garnish with cherries, if desired. Cover and refrigerate for up to 3 days.