Place cake onto serving plate. Cut 1-inch slice crosswise from top of cake; set aside.
With sharp knife, cut around cake 1 inch from center hole and 1 inch from outer edge, leaving 1-inch-thick cake walls and 1-inch-thick base on bottom.
Remove cake from center, leaving 1-inch-thick base on bottom of cake. Reserve cake pieces.
In large mixing bowl, beat cheese until fluffy. Gradually beat in condensed milk until smooth. Stir in lemon juice, almond extract and food coloring. Stir in reserved torn cake pieces and chopped strawberries. Fold in 1 cup whipped topping.
Fill cavity of cake with strawberry mixture; replace top slice of cake.
Chill 3 hours or until set. Frost with remaining whipped topping; garnish with strawberries, if desired. Store in refrigerator.