Preheat the oven to 350°F. Grease and flour two 9-inch round cake pans. In a large mixing bowl, combine flour, cocoa powder, and baking powder. In another bowl, cream together butter and sugar, then add eggs one at a time. Mix in buttermilk, red food coloring, and vanilla. Gradually add dry ingredients to wet, mixing until just combined. Divide the batter between the prepared pans and bake for 25-30 minutes.

Preheat the oven to 325°F. Line a 9-inch round cake pan with parchment paper. In a mixing bowl, beat cream cheese until smooth, then add sugar and mix until combined. Add eggs one at a time, mixing well after each addition. Pour the mixture into the prepared pan and bake for 30-35 minutes, or until the edges are set and the center is slightly jiggly. Cool completely and then chill for at least 2 hours, or overnight.

Place one red velvet layer on a serving plate. Top with the cheesecake layer, then the second red velvet layer. Spread a thin layer of cream cheese frosting over the entire cake as a crumb coat. Chill for 20 minutes to set the crumb coat.

Once set, apply a thicker layer of frosting, smoothing it out with an offset spatula. Decorate the top with swirls of frosting or red velvet crumbs for an extra touch of elegance.

Slice the cake into 8 pieces and serve immediately. For an extra indulgence, pair with a scoop of vanilla ice cream or a drizzle of chocolate sauce.

Store any leftover cake in an airtight container in the refrigerator for up to 5 days. Allow the cake to come to room temperature before serving again.